Facebook Owner Meta Must Sell Giphy on Competition Concerns, U.K. Says
- First time a major regulator ordered sale after deal closed
- $315 million deal for GIF search engine completed last year
Photographer: Jakub Porzycki/NurPhoto/Getty Images
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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.