UK regulators order Meta to sell Giphy
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Today, 18 October, the UK Competition and Markets Authority (CMA) decided that the Meta corporation (recognized as extremist in the Russian Federation and banned) should sell one of the world’s largest services of animated GIF format images – Giphy, which was acquired in May 2020 for $ 400 million. CMA came to the final conclusion that this the purchase restricts other social networks from accessing GIFs, which harms competition and hinders consumers’ free choice.
Initial solution on the sale of Giphy, the British regulator accepted back in November last year. But Meta filed an appeal, which the CMA has now completed. According to the regulator, Meta’s ownership of Giphy also limits competition in the UK online advertising market, where Meta’s Facebook is one of the largest platforms in the country.
Meta expressed regret at the regulator’s final decision regarding Giphy, but agreed to comply with it. It is not yet known who can qualify to purchase this service with approximately 700 million monthly active users.
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