Facebook Ordered to Sell Giphy by CMA – Report
December 01 2021 - 02:35AM
TipRanks
Facebook owner Meta Platforms (FB) has been ordered by the UK
competition authority to offload Giphy, a platform for animated
images. Reuters reports that the Competition and Markets Authority
(CMA) believes a merger of the two will reduce competition in the
social media space by allowing Facebook to add to its significant
market power. FB shares fell 4.01% to close at $324.46 on November
30. Facebook is a social networking company that develops
applications that enable people to connect through mobile devices
and personal computers. Facebook - Giphy Stalemate The competition
watchdog has also warned that Facebook's acquisition of Giphy
reduces competition in the display advertising segment.
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