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U.K. Competition Watchdog Orders Meta to Sell Giphy
The U.K.'s Competition and Market Authority said it had concluded its concerns about unfair competition "can only be addressed by Facebook selling Giphy in its entirety to an approved buyer."
Credit: Getty Images
Facebook's parent company, Meta, has been ordered to sell Giphy by the U.K.'s Competition and Markets Authority.
The company, then known simply as Facebook, bought the Gif-sharing search engine last year for a reported $315m (£236m).
It planned to integrate Giphy's vast database of looping short video animations with another of its existing social-media platforms, Instagram.
But the CMA ruled the purchase unfair to competing social-media platforms.
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