Sign up with Google
Facebook ordered to sell animated GIF service
The U.K.’s antitrust watchdog said that Facebook parent Meta Platforms Inc. must sell Giphy to address competition concerns, the first time the regulator has forced a Big Tech firm to unwind an already completed deal.
The Competition and Markets Authority concluded its in-depth probe into the tie up and found the deal with the GIF search engine would reduce competition between social media platforms, it said in a statement Tuesday. It had initially come to this conclusion in provisional findings published in August.
The U.K.’s antitrust watchdog said that Facebook parent Meta Platforms Inc. must sell Giphy to address competition concerns, the first time the regulator has forced a Big Tech firm to unwind an already completed deal.
The Competition and Markets Authority concluded its in-depth probe into the tie up and found the deal with the GIF search engine would reduce competition between social media platforms, it said in a statement Tuesday. It had initially come to this conclusion in provisional findings published in August.
