Meta Platforms ordered to sell Giphy by UK regulator on grounds of stifled innovation – Seeking Alpha
Meta Platforms (NASDAQ:META) said on Tuesday that it would sell animated search engine Giphy after it was ordered to do so by the U.K.’s Competition and Markets Authority on grounds that the deal could limit other social media networks access to GIFs, harming U.K. social media users.
In a statement to The Verge, a Meta (META) spokesperson said the company was “disappointed by the CMA’s decision” but would accept the ruling “as the final word on the matter. We will work closely with the CMA on divesting Giphy.”
The CMA said on Tuesday that by limiting access to GIFs, Meta Platforms (META) could make other social networks “less attractive to users and less competitive.” The agency added the deal removed Giphy as a potential challenger in the U.K. displaying ad market, stifling innovation.
The CMA pointed out that Meta (META) controls roughly half of the 7B display advertising market in the U.K.
“The CMA has concluded the only way to avoid the significant impact the deal would have on…
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source: https://news.oneseocompany.com/2022/10/18/meta-platforms-ordered-to-sell-giphy-by-uk-regulator-on-grounds-of-stifled-innovation-seeking-alpha_2022101833533.html
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