Meta ordered to sell Giphy by UK antitrust authorities
CNN
Regulators have long threatened to break up Facebook (now called Meta) because of its huge market power. Now one group of officials has followed through and ordered the company to unwind its acquisition of Giphy because the deal could hurt competitors.
The UK Competition and Markets Authority said on Tuesday that Meta's control of the popular search engine for GIFs — short, looping videos and animations — would reduce competition between social media platforms and had already removed one potential rival in the advertising market.
Facebook (FB) bought Giphy for $315 million in 2020. It was intending to integrate the service with Instagram, making it easier for people to find relevant GIFs for their stories and direct messages.
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