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Meta accepts UK order to sell Giphy

İnteresting 16:28 18 Oct, 2022
Meta accepts UK order to sell Giphy

Britain's competition regulator ordered Facebook-owner Meta to sell animated-images platform Giphy on Tuesday after its view that the acquisition reduced innovation in the advertising market was upheld by a tribunal in the summer, reports according to company.

Meta said it would accept the Competition and Markets Authority's (CMA) order to unwind the 2020 deal.

"We are disappointed by the CMA's decision but accept today's ruling as the final word on the matter," a Meta spokesperson said in a statement. "We will work closely with the CMA on divesting Giphy."