Meta says it will sell Giphy to comply with UK breakup order

Meta says it will sell Giphy to comply with UK breakup order

Invalid Date by CNN

Key Facts

  • All is not well in Zuckerberg's Metaverse 01:13 - Source: CNN Washington CNN Business — Facebook-parent Meta plans to sell off Giphy, an online search tool for animated images, after the UK government said it would force the tech giant to unwind its acquisition of the service.
  • The final decision on Tuesday by the UK Competition and Markets Authority (CMA) ends a drawn-out fight with Meta over the deal’s likely impact on rivals’ access to GIFs, as well on as the digital advertising market.
  • Meta had gone to court to defend the deal, but UK officials largely prevailed this summer, when a tribunal upheld the CMA’s finding that the Giphy acquisition could potentially reduce competition by eliminating a competitor in online ads and by restricting third-party access to Giphy’s GIF library.
  • The FTC has also sued to block Meta’s acquisition of a virtual reality technology company known as Within Unlimited, arguing that the deal could give Meta further power to establish a “virtual reality empire.”

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