Facebook Owner Meta Must Sell Giphy On Competition Concerns, U.k. Says

Katharine Gemmell / Bloomberg, Time: Business
Tue, 11/30/2021 - 12:20pm

Britain’s antitrust watchdog ordered Facebook parent Meta Platforms Inc. to sell Giphy, the first time a global regulator has forced a Big Tech firm to unwind a completed deal. A turnaround after years of being allowed to swallow up smaller rivals with virtually no push back. The Competition and Markets Authority found that last year’s $315 million tie up with the GIF search engine will reduce competition between social media platforms, according to a statement Tuesday. It’s the first time a Big Tech firm has been ordered by regulators in Europe and the U.S.

Topics: britain&rsquo meta platforms inc the competition markets authority it&rsquo facebook u.k.&rsquo appeals tribunal cma&rsquo ldquo;we high-risk closing illumina inc australian ldquo;without gifs,&rdquo stuart mcintosh merger silicon valley vestager&rsquo european commission austria&rsquo mdash;with david mclaughlin meta giphy big tech gif u.s u.k cma eu europe concerns deal regulators million review ordered time decision firm takeover potential regulator power choices rivals permission approval completed watchdog antitrust global media year fine buyer social process reviewing failing court probe company divest

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Facebook Owner Meta Must Sell Giphy On Competition Concerns, U.k. Says

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