Meta to Finally Sell Giphy After UK Antitrust Watchdog Ruling

Meta-to-Finally-Sell-Giphy-After-UK-Antitrust-Watchdog-Ruling
Meta-to-Finally-Sell-Giphy-After-UK-Antitrust-Watchdog-Ruling

The parent company of Facebook, Meta Platforms Inc., has agreed to sell Giphy Inc., a search and sharing service for animated GIF images, after once more receiving a restraining order from the U.K. Competition and Markets Authority.

Giphy was initially purchased by Meta, formerly known as Facebook, in 2020 for USD 315 million, in an effort to increase the appeal of its social media platform to younger demographics. Incorporating the new business would enhance the platform’s ability to provide animated GIF stickers in Instagram stories and direct messages, the company hoped.

Due to the relative sizes of the two companies in the social media market, the CMA quickly became interested in the acquisition and launched an antitrust investigation into it.

Read More: Meta will finally sell Giphy after UK antitrust watchdog ruling

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