Meta*’s takeover of Giphy’s GIF search service will be permanently blocked by the UK Competition and Markets Authority (CMA), which has announced its intention to order the social media giant to sell the service a second time.
Image Source: giphy.com
The CMA said it would issue a reinstatement to Meta* to sell Giphy. Last year, the FDA ordered the company to sell the previously purchased service, and Meta* subsequently appealed the decision, and the court returned the case for reconsideration to the same agency. A suitable buyer will be determined at a later date. “We are disappointed with the choice of the CMA, but take today’s decision as the final word on the matter. We are grateful to the Giphy team in these times of uncertainty for their work and wish her every success, ”the agency quotes the words of a Meta* representative. Bloomberg.
The British regulator tightened control over the activities of tech giants after its powers expanded with the country’s exit from the European Union. The digital markets division of the Office, which will specialize in the technology sector, is not yet able to operate at full capacity – the range of its powers has not yet been approved by the government.
Meta*’s purchase of Giphy by CMA could limit the social media giant’s competitors’ access to the GIF platform’s content, as well as boost traffic to the company’s Facebook*, Instagram* and WhatsApp services.
* Included in the list of public associations and religious organizations in respect of which the court made a final decision to liquidate or ban activities on the grounds provided for by Federal Law No. 114-FZ of July 25, 2002 “On countering extremist activity.”
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