UK competition watchdog orders Meta to sell off Giphy – Social News XYZ

London, Oct 18 (SocialNews.XYZ) In a significant decision, the Competition and Markets Authority (CMA) in the UK on Tuesday ordered Meta (formerly Facebook) to sell off online database and search engine Giphy it acquired for $315 million.

The competition watchdog found that Meta’s takeover of Giphy could allow it to limit other social media platforms’ access to GIFs, making those sites less attractive to users and less competitive.

It also found the deal has removed Giphy as a potential challenger in the UK display advertising market, preventing businesses from benefiting from innovation in this market.

Meta, disappointed by the decision, said it will accept the ruling.

“We are disappointed by the CMA’s decision but accept today’s ruling as the final word on the matter. We will work closely with the CMA on divesting Giphy,” a company spokesperson said in a statement.

“We are grateful to the Giphy team during this uncertain time for their business, and wish them every success. We…

Read Full Story: https://www.socialnews.xyz/2022/10/18/uk-competition-watchdog-orders-meta-to-sell-off-giphy/

The post UK competition watchdog orders Meta to sell off Giphy – Social News XYZ first appeared on SEO, Marketing and Social News | OneSEOCompany.com.

source: https://news.oneseocompany.com/2022/10/18/uk-competition-watchdog-orders-meta-to-sell-off-giphy-social-news-xyz_2022101833556.html

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