UK regulator set to block Facebook (Meta’s) Giphy deal
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The UK competition regulator is expected to block Meta Platforms’ acquisition of online GIF platform Giphy in the coming days, the Financial Times reported today.
The Competition and Markets Authority is set to reverse the deal in what would be the first time the watchdog has reversed a Big Tech acquisition, the report said, citing individuals close to the matter.
Meta Platforms and the regulator did not respond to requests for comment sent outside working hours.
Last month the regulator had fined the US social media giant Facebook, now Meta, £50.5 million (R1.08 billion) for breaching an order that was imposed during an investigation into its purchase of the GIF platform, Giphy.
Facebook bought Giphy, a website for making and sharing animated images, or GIFs, in May last year, to integrate it with its photo-sharing app, Instagram. The deal was then pegged at $400m by Axios.