In this article, you will get all the information regarding Meta to sell Giphy-on order of UK authorities

Meta announced on October 18th that it will sell Giphy, the online GIF database it acquired in May 2020 for $400 million. He was forced to make this choice after being ordered to sell by the Competition and Markets Authority (CMA).

Giphy and Meta Logos

Courtesy: Nikolas Kokovlis/NurPhoto via Getty Images

After a lengthy review process, CMA announced on the 18th that Meta’s acquisition of Giphyfinal report

issued. It said the acquisition could limit other social media’s access to GIFs and undermine the appeal of competing platforms. It concluded that Meta could ban or restrict other platforms from using Giphy, or force them to provide more personal data about UK users in exchange for access to Giphy’s GIFs.

The CMA also expressed concern that Giphy’s acquisition removed it from being a potential threat to Meta in the display advertising market. I admit that wasn’t Meta’s goal in the acquisition. Stuart McIntosh, head of the CMA’s independent research group, said allowing Meta to own Giphy would allow it to further expand its enormous market power in social media, saying, “This is the only company that can solve this problem. The way is to sell Giphy.”

Shortly after the CMA made the decision public, Meta said it was selling Giphy and would not appeal.

This article is from overseas Red Venturesarticlewas edited by Asahi Interactive for Japan.

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Meta to sell Giphy-on order of UK authorities

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