Meta To Sell Giphy After UK Regulator Blocks $315 Million Deal

Meta has been ordered to sell gif platform Giphy for the second time by the UK competition regulator, bringing an end to the $315mn deal following a two-year antitrust battle. From a report: The Competition and Markets Authority said on Tuesday that Meta's purchase of New York-based Giphy -- the biggest provider of animated images known as gifs to social networks -- would "limit choice for UK social media users and reduce innovation in UK display advertising." The CMA first told Meta to unwind the deal last November, but was forced by the Competition Appeal Tribunal in July to reconsider its conclusion after it upheld one of the social media company's grounds of appeal. The CMA's final decision underlines the pressure on Silicon Valley's biggest technology companies from the UK regulator, which has broad powers to intervene in tie-ups touching British consumers even when the parties are based overseas. The Giphy deal marked the first time the regulator had moved to dismantle a completed Big Tech deal. Meta on Tuesday said it was "disappointed by the CMA's decision" but accepted the ruling as "the final word on the matter."

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