UK Regulator Orders Meta (Formerly Facebook) To Sell Giphy, Calls 2020 Deal Anticompetitive
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deadline.comUK regulators today ordered Meta, formerly Facebook, to unwind its acquisition of popular GIF-making and sharing app Giphy after concluding the deal was anticompetitive – a significant call amid rising pressure on both sides of the Atlantic to rein in the power of the social media giant, including by breaking it up.“We have decided that the only effective way to address the competition issues that we have identified is for Facebook to sell Giphy, in its entirety, to a suitable buyer,” the Competition & Markets Authority said in a release.This would be the first time the CMA has attempted to unwind a completed acquisition by a tech giant.
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