Facebook is buying Giphy in a deal worth $400 million, according to a report by Axios.

Facebook however did not mention the terms of the deal.

Giphy is one of the largest GIF sites on the internet, offering tools for creating, sharing, and remixing GIFs.

As of today, nearly 50% of all Giphy's traffic comes from Facebook's apps, more than half from Instagram alone.

Moving forward, Facebook will integrate Giphy more deeply into Instagram, taking the chat experience to a greater level.

Facebook says things will remain the same for Giphy users.

“People will still be able to upload GIFs; developers and API partners will continue to have the same access to Giphy’s APIs; and Giphy’s creative community will still be able to create great content”, mentioned Vishal Shah, Instagram’s VP of product.