Meta must sell Giphy, says UK regulator

Meta, the company until very, very recently known as Facebook, has been ordered to sell Giphy, the GIF-making and sharing platform, by the UK’s competition regulator. The Competition and Markets Authority, a non-ministerial government department promoting competition for consumers, published a report on Tuesday, concluding that the tech giant’s acquisition of Giphy “would reduce competition between social media platforms and that the deal has already removed Giphy as a potential challenger” in the market.Over a year ago, Giphy was acquired by Facebook reportedly for a cool $400 million. The CMA said that Facebook/Meta’s market power is disproportionate, increasing said power by denying other platform’s access to Giphy GIFs, and also requiring other major social media platforms — such as TikTok and Snapchat — to provide more user data to access Giphy’s library. The regulators also said that Giphy’s brand services, “which it was considering expanding to countries outside the U.S.,

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