Facebook-owner Meta told to sell Giphy as UK regulator blocks acquisition

- Advertisement -


  • The Competition and Markets Authority said the deal could harm social media users and UK advertisers.
  • In August, the CMA said it had provisionally found that the purchase of Giphy by Facebook would hurt competition among social media platforms and remove a potential challenge in the display advertising market.
  • When the deal was announced, Facebook said it wanted to further integrate Giphy into the Instagram app “so that people can find the right way to express themselves.”

- Advertisement -

Facebook’s parent Meta has been told by UK competition watchdog that it will have to sell the gif-sharing platform Giphy.

- Advertisement -

The Competition and Markets Authority said on Tuesday that the deal could harm social media users and UK advertisers.

In August, CMA said It had provisionally found that the purchase of Giphy by Facebook would hurt competition among social media platforms and remove a potential challenger in the display advertising market.

- Advertisement -

At the time, the CMA said that Facebook might be required to terminate the deal, which is Reportedly worth $400 million, and sell Giphy if its competition concerns are finally confirmed.

When the deal was announced, Facebook said it wanted to further integrate Giphy into the Instagram app “so that people can find the right way to express themselves.”

The CMA fined Facebook 50.5 million pounds ($67.4 million) in October for failing to provide regular updates to show it was complying with an order. It said Facebook “significantly limited the scope of those updates” despite repeated warnings.

Facebook did not immediately respond to Businesshala’s request for comment.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox