UK regulator asks Meta (Facebook) to resell Giphy

In May 2020, the social network bought this database of animated GIFs for $ 400 million. The Competition and Markets Authority (CMA) officially viewed the operation in June of the same year as “due to the risk of Significant reduction in competition in one or more markets in the United Kingdom ,

In October 2021, the same CMA fined 50.5 million pounds and recalled that its investigation was not over … unlike the acquisition of Giphy. , This is the first time that a company has been found guilty of willfully refusing to provide requested information in order to violate a CMA injunction. “Regulator said, saying Facebook didn’t have it” reasonable excuse for his behaviour.

From now on, CMA” Facebook (which recently rebranded “Meta”) sought to sell Giphy, after finding the deal could harm UK social media users and advertisers ,

Unsurprisingly, a spokesperson for Meta explained that the company “ rejects this decision “And that it considers its options, especially those likely to appeal:” Backed by our infrastructure, talent and resources, consumers like Giphy are better positioned ┬╗ he says, as reported by Le Monde.

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About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

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