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Britain directs Facebook to sell GIF maker Giphy -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The illustration below shows the new Facebook rebrand logo Meta, 3D printed. It was taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters] – Britain’s competition regulator stated Tuesday that Facebook’s owner Meta Platforms has been ordered to sell Giphy, an animated image platform. The move was made after it became aware of potential harms for UK advertisers.

According to the Competition and Markers Authority, the CMA stated that the acquisition of Giphy by Facebook would result in a decrease in competition among social media platforms and within the display advertising market.

Stuart McIntosh chaired the CMA independent investigation. He stated that the tie-up between Giphy and Facebook has removed an opponent in the display advertising marketplace.

Facebook, now called Meta Platforms by the parent company behind the eponymous social network, has stated it disapproves of this decision.

Meta spokesperson said that they are currently reviewing the decision, and will consider all possible options including appealing.

CMA fined company around $70 Million for violating an order it had imposed in its investigation of the deal. It also hinted that Giphy might need Facebook in August.

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