UK CMA Opens Probe Into Facebook's Acquisition of Giphy

   By Adria Calatayud

The U.K. Competition and Markets Authority said Thursday that it is launching an investigation into Facebook Inc.'s acquisition of online platform Giphy.

The antitrust watchdog said it is considering whether the deal might lead to a substantial lessening of competition in the U.K. The CMA said it has until March 25 to decide whether to refer the deal for an in-depth probe.

Facebook bought Giphy, a popular online platform where users can search for animated pictures, in May last year.

In June, the CMA said it was considering an investigation and invited comments on the transaction from interested parties. It also issued a hold-separate order that prevented Facebook and Giphy from further integrating their businesses.

Facebook later requested a derogation of the order, which wasn't granted, after which it applied for a review of the CMA's position. A judgment from the U.K.'s Competition Appeal Tribunal dismissed all of Facebook's grounds of appeal in November.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

January 28, 2021 05:32 ET (10:32 GMT)

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