- The authorities have never before stopped a deal of this magnitude.
- Meta appreciates the help of the GIPHY team during this pivotal time.
The UK competition authority has ruled against Meta’s (Facebook) proposed acquisition of Giphy, a platform for generating animated GIFs. The authorities have never before stopped a deal of this magnitude.
According to reports, after receiving the watchdog’s final judgement, Meta backed down. Confirmed that the purchase has not stifled creativity in the advertising industry. The Competition and Markets Authority has ordered GIPHY to be sold in its entirety to a qualified bidder.
Dissatisfied With the Verdict
A representative for Meta has shared their disappointment in the ruling. Specifically, it said that Meta is dissatisfied with the watchdog’s verdict. But the corporation recognizes that the decision made today is definitive.
According to the report, a Facebook representative has said that the company would follow the CMA’s recommendations regarding the sale of GIPHY. It was mentioned that Meta appreciates the help of the GIPHY team during this pivotal time. It did, however, emphasize how the social media behemoth would seek to generate chances via acquisition and other sources to deliver greater variety to more of its users.
Meta is aggressively exploring the boundaries of the Web3 platform. Facebook previously revealed that its NFT-sharing features were available in certain markets across the globe. Users will be able to sync their digital wallets and exchange items with one another.
This move by UK regulators demonstrates the country’s intent to establish itself as a formidable opponent to the world’s other watchdog agencies. The report said that this change has positioned Giphy as a potential rival in the UK advertising business.
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