Breaking: UK Regulator Asks Meta (Ex-Facebook) To Sell Giphy

Meta, the owner of Facebook has faced defeat in the gif creation website Giphy deal as the UK competition regulator announced its verdict. This is the first time the watchdog has blocked any such deal done by a major company.

As per reports, Meta has admitted defeat in the event as the watchdog gave out its final verdict. It checked that the acquisition has reduced innovation in the advertising market.

Sell GIPHY, in its entirety, to a suitable buyer, said the Competition and Markets Authority (CAM).

Meta’s spokesperson has expressed sorrow over the verdict. It mentioned that Meta is disappointed by the watchdog’s decision. However, the company has accepted today’s ruling as the final word on the matter.

The report states that Facebook official asserts that it will work under the guidelines of CMA over divesting GIPHY. It stated that Meta is grateful to the GIPHY team during this unprecedented time. However, it highlighted that the social media giant will pursue generating opportunities through acquisition and other sources to bring choice to more of its users.

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