wordpress blog stats
Connect with us

Hi, what are you looking for?

Meta agrees to sell Giphy to comply with UK antitrust order

The order to sell Giphy will “promote innovation in digital advertising”, says the UK CMA as Meta terms it “disappointing”

What's the news: The UK's Competition and Markets Authority (CMA) on October 18 ordered Meta to sell Giphy, noting that the takeover "could allow Meta to limit other social media platforms’ access to GIFs, making those sites less attractive to users and less competitive." CMA also noted that the deal "removed Giphy as a potential challenger in the UK display advertising market, preventing UK businesses from benefiting from innovation in this market." Giphy, a popular online database and search engine for GIFs, was acquired by Facebook in May 2020 for a reported $400 million. But CMA launched a probe into the acquisition arguing that it was potentially anti-competitive and in July 2020 ordered Facebook to stop the integration of Giphy into the company pending a further ruling. Wasn't the same order passes in 2021? Yes. In November 2021, CMA ordered  Meta to sell Giphy, but the social media giant subsequently appealed that decision to the Competition Appeal Tribunal (CAT). In July, CAT upheld the CMA’s decision on 5 of the 6 challenged grounds, CMA stated in its press release. Meta agrees to sell, will not appeal: Meta has agreed to abide by the CMA's decision and said that it will not appeal. "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." — A Metaspoksperson told Reuters Why does this matter: This is the first time the CMA has ordered a divestment of a completed acquisition…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The ‘Reforming Intelligence and Securing America Act’ (RISAA) is a legislation to reauthorize Section 702 of the Foreign Intelligence Surveillance Act (FISA).

News

In its submission, the Interior Ministry said the decision to impose a ban was "made in the interest of upholding national security, maintaining public...

News

Among other things, the security requirements include data encryption and regular review and updated access permissions to reflect personnel changes.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ