Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Facebook owner Meta ordered to sell GIF library Giphy in 'final decision' by UK watchdog

Facebook owner Meta ordered to sell GIF library Giphy in 'final decision' by UK watchdog

Meta finally concedes that it will have to sell Giphy after the UK competition regulator, the CMA, found that the takeover could harm social media users and UK advertisers.

Meta, the owner of Facebook and Instagram, has been ordered by the UK competition regulator to sell the GIF library Giphy.

The Competition and Markets Authority (CMA) said the ruling was a "final decision".

The move followed a protracted effort by Meta to overturn a CMA ruling last year that the takeover, which completed in May 2020, could harm social media users and UK advertisers.

Meta, which even went to court in a bid to halt the ruling on points of law, was previously fined £50m by the watchdog for deliberately refusing to comply with its inquiries.

The US social media giant conceded defeat on Tuesday.

A spokesperson responded: "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.

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

The new buyer of Giphy must be approved by the CMA


"We will continue to evaluate opportunities - including through acquisition - to bring innovation and choice to more people in the UK and around the world."

Giphy - a website for making and sharing animated images, known as GIFs - was acquired to integrate with Instagram.

But the CMA found the deal could allow Meta to limit other social media platforms' access to GIFs, "making those sites less attractive to users and less competitive".

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

It announced its final decision following a final review which concluded: "Giphy's advertising services had the potential to compete with those of Meta, and would have encouraged greater innovation from Meta and other market players.

"However, Meta terminated Giphy's advertising services upon acquisition, removing a potential ad tool for UK businesses.

"The CMA considers this particularly concerning given Meta controls almost half of the £7bn display advertising market in the UK.."

It added that the new buyer of Giphy would have to be approved by the regulator.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×