Meta Platforms has agreed to sell Giphy to Shutterstock for $53 million in net cash, winding down a yearslong legal battle with the UK Competition and Markets Authority, which ordered the divestiture. Shutterstock, which licenses photos and other image content, said Giphy adds 1.7 billion in daily mobile users and global partners that include Meta’s own Instagram, Facebook and Whatsapp in addition to Microsoft, Samsung, Twitter, TikTok, Slack and Discord. Meta acquired Giphy in 2020 for $315 million and was one year later ordered by the UK CMA to unwind the deal, citing antitrust issues. Read more

The film “Fathead,” produced by the Entertainment Technology Center@USC, continues to garner recognition. Nominated earlier this year for a NAACP Image Award in the Outstanding Short Film (Live Action) category, the film was most recently included in The American Pavilion’s Emerging Filmmaker Showcase at the 76th annual Cannes Film Festival. “Fathead” — directed by c. Craig Patterson and produced by Erik Weaver, ETC’s director of adaptive production — was featured among 38 short films in the Showcase at Cannes and was announced winner in the Student Short Film category. Read more

President Joe Biden has announced Anna Gomez, a veteran communications attorney, as his pick to fill the FCC commissioner post that has been vacant for more than two years. If the Senate confirms Gomez, Democrats will have a 3-2 majority at the agency, which has a Democratic chairwoman, Jessica Rosenworcel. This is not the first time Biden sought to fill the post. In October 2021 he nominated Gigi Sohn, co-founder of Public Knowledge and an architect of the FCC’s 2015 net neutrality rules, but the Senate refused to advance her to a vote and she withdrew from consideration in March. Read more

Santa Clara, California-based Applied Materials, which makes equipment used to produce semiconductors, has announced plans to invest up to $4 billion in a research facility in Silicon Valley. The Equipment and Process Innovation and Commercialization (EPIC) Center, which will be built over seven years, aims to bring chipmakers and universities together to collaborate on innovations that will result in more powerful chips. “For the first time, chipmakers can have dedicated space within an equipment company’s R&D fab, providing early access to next-generation processes and equipment to accelerate product roadmaps,” according to Applied Materials. Read more

Meta Platforms has been hit with a record $1.3 billion fine for violating European Union rules that prohibit transferring the data of EU citizens to other countries. Ireland’s Data Protection Commission, the agency of record in the region in which Meta was sued, said that the tech giant continues to operate outside of compliance with the EU’s General Data Protection Regulation (GDPR) after a 2020 ruling by the bloc’s highest court found that Facebook user data was being shipped to America without adequate protection from U.S. spy agencies. Read more