11/30/2021, 11:21 AM (Source: TeleTrader)
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UK orders Meta to sell Giphy

The United Kingdom Competition and Markets Authority directed Meta Platforms Inc. to sell Giphy following its in-depth investigation of the deal.

The watchdog concluded that Meta's acquisition would reduce competition between social media platforms, thus allowing Meta to increase its "already significant market power in relation to other social media platforms" by restricting access to Giphy's gifs.

Lastly, the regulator also concluded that Giphy's digital advertising services had the potential to compete with Meta's, but with the acquisition, the tech giant cancelled Giphy's services, therefore, stifling potential competition in that market.

Baha Breaking the News (BBN) / OL