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      Meta has no choice but to sell Giphy at $262M loss to Shutterstock

      news.movim.eu / ArsTechnica · Tuesday, 23 May, 2023 - 18:15 · 1 minute

    Giphy logo displayed on a phone screen and Meta logo displayed on a laptop screen

    Enlarge (credit: Getty )

    Talk about a fire sale. With limited interest in GIF platforms and UK regulators forcing a sale, Meta has decided to sell Giphy to Shutterstock for a mere $53 million. After purchasing it for $315 million in 2020 and subsequently being ordered to sell it by the UK's Competition and Markets Authority (CMA), Meta has been challenged to find a suitable Giphy buyer at a time when GIFs are perceived to be less trendy than three years ago. The GIF library has found a fitting future owner in Shutterstock, but for Meta, it means a $262 million loss.

    The deal

    Shutterstock announced today its definitive agreement to buy Giphy for $53 million, seven months after Meta said it would accept the CMA's ruling that it must divest Giphy . Shutterstock said the deal is expected to close in June and is "subject to customary closing conditions."

    The deal should assuage trepidation from Giphy, which encouraged the CMA to enact behavioral ordinances rather than force Meta to sell Giphy. The animated images company feared GIFs just weren't as cool as they were in 2020, and so the platform would mostly attract "weak or inappropriate" suitors.

    “User sentiment towards GIFs on social media shows that they have fallen out of fashion as a content form, with younger users in particular describing GIFs as ‘for boomers’ and ‘cringe,’" Giphy told the CMA in August.

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      Le rachat de Giphy par Facebook vire à la catastrophe industrielle

      news.movim.eu / Numerama · Tuesday, 23 May, 2023 - 14:02

    Facebook revend Giphy à Shutterstock, à un montant bien moindre que celui qu'il avait mobilisé pour acquérir la plateforme spécialisée dans les gifs. [Lire la suite]

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      Meta obligé de revendre Giphy

      news.movim.eu / JournalDuGeek · Saturday, 22 October, 2022 - 16:00

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    La vie commune entre Meta et Giphy n'aura pas duré très longtemps. L'autorité de la concurrence britannique a en effet décidé que le réseau social devait se séparer du spécialiste du GIF animé, ce que Meta a accepté à contre-cœur.

    Meta obligé de revendre Giphy

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      Meta grudgingly agrees to sell Giphy after admitting defeat in UK battle

      news.movim.eu / ArsTechnica · Tuesday, 18 October, 2022 - 16:56 · 1 minute

    Meta grudgingly agrees to sell Giphy after admitting defeat in UK battle

    Enlarge (credit: NurPhoto / Contributor | NurPhoto )

    Considering that Meta bought WhatsApp and Instagram without issue, it may come as a surprise that Meta’s purchase of Giphy will be blocked. But that’s the situation, as the United Kingdom’s Competition and Markets Authority (CMA) has now ordered Meta to sell Giphy.

    The decision comes two years after the merger came under the increasingly intense scrutiny of UK regulators. Fighting every step of the way, Meta has since said in a statement to Reuters that although it’s “disappointed” in the decision, it will “accept today's ruling as the final word on the matter.”

    Among the reasons why Meta must sell Giphy are the CMA’s concerns that Meta and Giphy dominate the GIF marketplace and that Meta could cut off competitors from accessing Giphy content. Meta could also possibly change its terms and charge its competitors exorbitantly for access. This, the CMA feared, threatened to increase Facebook’s already dominant presence in the social media marketplace by pushing users to prefer the platform where they can access the best GIFs. The regulator noted that 73 percent of the time UK residents spend on social media is on Facebook.

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      Facebook n’a pas le choix : il doit revendre Giphy et ses gifs iconiques

      news.movim.eu / Numerama · Tuesday, 18 October, 2022 - 14:27

    L'autorité britannique de la concurrence maintient ses conclusions : l'achat par Facebook de Giphy, plateforme spécialisée dans les gifs, est un trop gros problème. Il faut la revendre. [Lire la suite]

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      2019 was a hot mess for cybersecurity, but 2020 shows promise

      news.movim.eu / TechCrunch · Saturday, 4 January, 2020 - 18:30 · 2 minutes

    It’s no secret that I hate predictions — not least because the security field changes rapidly, making it difficult to know what’s next. But given what we know about the past year, we can make some best-guesses at what’s to come.

    Ransomware will get worse, and local governments will feel the heat

    File-encrypting malware that demands money for the decryption key, known as ransomware, has plagued local and state governments in the past year. There have been a near-constant stream of attacks in the past year — Pensacola, Florida and Jackson County, Georgia to name a few. Governments and local authorities are particularly vulnerable as they’re often underfunded, unresourced and unable to protect their systems from many major threats. Worse, many are without cybersecurity insurance, which often doesn’t pay out anyway.

    Sen. Mark Warner (D-VA), who sits on the Senate Intelligence Committee, said ransomware is designed to “inflict fear and uncertainty, disrupt vital services, and sow distrust in public institutions.”

    “While often viewed as basic digital extortion, ransomware has had materially adverse impacts on markets, social services like education, water, and power, and on healthcare delivery, as we have seen in a number of states and municipalities across the United States,” he said earlier this year.

    As these kinds of cyberattacks increase and victims feel compelled to pay to get their files back, expect hackers to continue to carry on attacking smaller, less prepared targets.

    California’s privacy law will take effect — but its repercussions won’t be immediately known

    On January 1, California’s Consumer Privacy Act (CCPA) began protecting the state’s 40 million residents. The law, which has similarities to Europe’s GDPR , aims to put much of a consumer’s data back in their control. The law gives consumers a right to know what information companies have on them, a right to have that information deleted and the right to opt-out of the sale of that information.

    But many companies are worried — so much so that they’re lobbying for a weaker but overarching federal law to supersede California’s new privacy law. The CCPA’s enforcement provisions will kick in some six months later , starting in July. Many companies are not prepared and it’s unclear exactly what impact the CCPA will have.

    One thing is clear: expect penalties. Under GDPR, companies can be fined up to 4% of their global annual revenue. California’s law works on a sliding scale of fines, but the law also allows class action suits that could range into the high millions against infringing companies.

    More data exposures to be expected as human error takes control

    If you’ve read any of my stories over the past year , you’ll know that data exposures are as bad, if not worse than data breaches. Exposures, where people or companies inadvertently leave unsecured information online rather than an external breach by a hacker, are often caused by human error.

    The problem became so bad that Amazon has tried to stem the flow of leaks by providing tools that detect inadvertently public data. Those tools will only go so far. Education and awareness can go far further. Expect more data exposures over the next year, as companies — and staff — continue to make mistakes with their users’ data.

    Voter databases and election websites are the next target