UK Competition Watchdog to Block Meta’s Giphy Acquisition

The UK competition regulator, Competition and Markets Authority, is expected to cancel Meta Platforms’ acquisition of online GIF platform Giphy in the next few days.

This will be the first time the regulator blocks a big tech acquisition.

In October, the competition watchdog fined Facebook, now Meta, for 50.5 million pounds for breaching an order during an investigation into its acquisition of Giphy.

Facebook acquired Giphy in May 2020 to integrate it with its photo sharing social media platform Instagram. The deal was reportedly worth $400 million.

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