FILE PHOTO: A 3D printed Facebook’s new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration
November 29, 2021
(Reuters) -The UK competition regulator is expected to block Meta Platforms’ acquisition of online GIF platform Giphy in the coming days, the Financial Times reported https://www.ft.com/content/662c8e3f-4909-4bec-9131-c0237bb4897d on Monday.
The Competition and Markets Authority is set to reverse the deal in what would be the first time the watchdog has reversed a Big Tech acquisition, the report said, citing individuals close to the matter.
Meta Platforms and the regulator did not respond to requests for comment from Reuters sent outside working hours.
The regulator had in October fined the U.S. social media giant Facebook, now Meta, 50.5 million pound ($67.35 million) for breaching an order that was imposed during an investigation into its purchase of the GIF platform, Giphy.
Facebook bought Giphy, a website for making and sharing animated images, or GIFs, in May last year to integrate it with its photo-sharing app, Instagram. The deal was then pegged at $400 million by Axios.
($1 = 0.7499 pounds)
(Reporting by Sneha Bhowmik in Bengaluru; Editing by Uttaresh.V)
Source: One America News Network
