Meta says it will sell off Giphy following order from UK competition watchdog
Posted On October 18, 2022
Facebook and Instagram parent company Meta says it will accept a ruling by the UK competition watchdog to divest itself of social media GIF library Giphy.
A spokesperson for Meta, Matthew Pollard, told The Verge: “We are disappointed by the CMA’s decision but accept today’s ruling as the final word on the matter. We will work closely with the CMA on divesting Giphy.” When asked if the divestment would apply to all of Giphy’s international operations, Pollard said: “Yes, this applies globally.”
Meta was originally ordered to sell Giphy last year but appealed the ruling. Today, the UK’s Competition and Markets Authority (CMA) announced that Meta had failed on five of the six objections raised in its appeal. The CMA said that the…