Facebook 3u5dl Owner Meta Sets Out Grounds for UK Appeal on Giphy Sale

Meta said the CMA had failed to assess its offer to ensure Giphy could continue to provide services to competitors. 5u10

By Reuters | Updated: 6 January 2022 10:11 IST

Meta, formerly Facebook, acquired for a reported $400 million (roughly Rs. 2,980 crore) in May 2020 60jd

Highlights

It was the first time British regulator had blocked a digital acquisition
The Competition Appeal Tribunal on Wednesday published a summary
The CMA ordered Meta to sell Giphy

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Facebook-owner Meta has applied to appeal a British competition watchdog ruling that it must sell Giphy on grounds that include challenging the finding that the deal removed a potential competitor in display advertising.

Giphy.

It was the first time the British regulator had blocked a major digital acquisition, and it signalled a step change in its scrutiny of "big tech" companies.

Facebook Parent Meta Appeals UK Ruling That It Must Sell Giphy

The Competition Appeal Tribunal on Wednesday published a summary of Meta's application, outlining its challenge on six grounds.

The US company, which owns TikTok on the same .

The regulator's decision was also procedurally flawed, Meta said.

Facebook Owner Meta Is Being Asked to Sell Giphy It Acquired Last Year

The CMA ordered Meta to sell Giphy, which it acquired for a reported $400 million (roughly Rs. 2,980 crore) in May 2020, in November after it decided the remedies offered by the US company did not answer its concerns.

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