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The UK’s competition regulator has officially ruled that Facebook parent company Meta’s acquisition of Giphy should be unwound, a year and a half after the social media giant first said it was acquiring the popular GIF-making and sharing website. In a press release, the Competition and Markets Authority (CMA) said that it had come to the decision after its investigation found an acquisition could harm competition between social media platforms, and that its concerns “can only be addressed by Facebook selling Giphy in its entirety to an approved buyer.”
The CMA said the acquisition could be used to deny or limit other platforms’ access to Giphy GIFs and drive more traffic to Facebook, WhatsApp, and Instagram. It also raised concerns that…
Source: TheVerge
