UK gives Facebook, Giphy five days to address competition concerns

Britain's competition watchdog on Thursday gave Facebook and Giphy five working days to offer proposals to address its concerns over their merger deal, which could affect digital advertising and the supply of animated images.

The UK's Competition and Markets Authority began an initial investigation in January at a time when the U.S.-based social media network firm was under global regulatory scrutiny over antitrust concerns. It found that Giphy, once a rival to Facebook in digit ads through paid sponsorships outside the UK, had plans to expand sponsorship deals to other countries, including the UK.