Meta Challenges Order to Kill $315M Deal to Acquire Giphy – PYMNTS.com

Meta Platforms Inc. is fighting allegations by the United Kingdom’s antitrust watchdog that the tech giant is violating anticompetitive rules, Bloomberg reported Monday (April 25).

Meta has accused the Competition and Markets Authority (CMA) of being “irrational” and “inconsistent” when it determined Giphy, the GIF search engine, was a competitor in the display advertising market.

Lawyers for the Menlo Park, California-based company are trying to overturn the CMA’s order to unravel the $315 million deal.

Meta argued at the start of a London trial that despite the CMA’s review of more than 280,000 documents from the merging parties, not one demonstrated they compete in the ad market in the U.K. or globally.

In court documents prepared for the four-day trial, Meta said no other company came forward to pay an acceptable price for Giphy. The American online database and search engine allows users to search for and share short videos without sound that resemble animated GIF files.

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Read Full Story: https://www.pymnts.com/antitrust/2022/meta-challenges-order-to-kill-315m-deal-to-acquire-giphy/

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