UK competition watchdog orders Facebook to sell off Giphy
Headline from Danville Register & Bee
LONDON (AP) — The United Kingdom's antitrust watchdog has blocked Facebook's acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform, saying the deal hurts social
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LONDON (AP) — The United Kingdom's antitrust watchdog has blocked Facebook's acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform, saying the deal hurts social
LONDON — The United Kingdom's antitrust watchdog has blocked Facebook's acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform, saying the deal hurts social media users and advertisers by stifling competition for animated images.
The Competition and Markets Authority said it allows Facebook to “increase its already significant market power,” limiting other platforms’ access to Giphy GIFs.
The British Competition and Markets Authorities ruled that Facebook’s acquisition of Giphy could harm social media users and advertisers in the country.
"By requiring Facebook to sell Giphy, we are protecting millions of social media users and promoting competition and innovation," said Stuart McIntosh.
The U.K.'s antitrust watchdog has blocked Facebook's acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform, saying the deal stifes competition.
The United Kingdom's Competition and Markets Authority advised Facebook's parent company on Tuesday to sell Giphy, a platform that allows users to share GIFs.
UK's Competition and Markets Authority (CMA) has ordered Meta (Facebook) to sell Giphy, saying the deal "could harm social media users and UK advertisers.".
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UK competition watchdog orders Facebook to sell off Giphy | Since Then