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Facebook must sell moving image platform Giphy due to fear of competition
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The owner of Facebook has been ordered to sell the moving image platform Giphy.
The UK Competition and Markets Authority told Meta to undo the 2020 takeover.
The ruling came amid fears that the US social media giant could block or restrict rivals’ access to Giphy’s moving images known as gifs.
UK Competition and Markets Authority has ordered Facebook owner Meta to undo Giphy acquisition in 2020
The watchdog also argued that the £350m deal would reduce innovation in the advertising market.
The CMA first ordered Meta to sell Giphy last year. It has now reissued the warrant after Meta lost an appeal against the original decision.
In response, a spokesperson for Meta said: “We are disappointed with the decision, but accept the ruling as the final word on the matter. We will work closely with the CMA on the divestment of Giphy.”
The ruling marked the first time Britain has blocked a takeover by a US tech giant – signaling a new determination to investigate digital deals.
Stuart McIntosh, who led the investigation, said: “This deal would significantly reduce competition in two markets.”