UK watchdog orders Meta to sell Giphy

[iDJ]

Facebook’s parent company, Meta, has been ordered by the UK competition watchdog to sell the gif creation website Giphy, the first time the regulator has blocked a deal struck by a big Silicon Valley company.

The Competition and Markets Authority told Meta in November that the only way to resolve competition concerns was to dispose of Giphy, the largest supplier of animated gifs to social networks such as Snapchat, TikTok and Twitter, which it acquired two years ago for $400m (£290m).

Facebook owner Meta to sell Giphy after UK watchdog confirms ruling

CMA says takeover of gif creation website limits choice for social media users

www.theguardian.com

 

[Abhinav]

Break Facebook Meta into several seperate companies like was done with AT&T. Its long overdue.

 

[iDJ]

Meta sells Giphy to Shutterstock for $53M after buying it for $400M.

Following UK antitrust order, Meta sells Giphy to Shutterstock for $53M after buying it for $400M

Meta has finally found a willing buyer for Giphy, the animate GIF search engine it acquired for $400 million three years ago.

techcrunch.com