Naman Ramachandran The rocky road for the acquisition of GIF provider Giphy by Meta, the company formerly known as Facebook, has become bumpier with the U.K.’s Competition and Markets Authority (CMA) ordering the social media giant to sell the company.The deal was announced in May last year and is valued at $400 million, Variety understands, and in August this year, CMA provisionally found that Facebook’s 2020 takeover of Giphy would negatively impact competition between social media platforms.
In October, the CMA fined Meta (then Facebook) $69.1 million for failing to provide regular updates on its compliance process.
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