Facebook Owner Meta 6v6y5a Giphy Deal Block Quashed by UK Tribunal, Asks Regulator to Reconsider Filing

Facebook owner Meta was ordered to sell animated images platform Giphy by Britain's Competition and Markets Authority (CMA) last year. 416e25

By Reuters | Updated: 18 July 2022 22:04 IST

Photo Credit: Unsplash / Dima Solomin 6cz4j

Facebook owner Meta recently partially won an appeal against the regulator

Highlights

Meta acquired Giphy for a reported $400 million (nearly Rs. 3,200 crore)
CAT quashed the regulator's ruling, referred the matter for new decision
CMA said the tribunal had endorsed its approach to reviewing mergers

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Britain's competition regulator said on Monday it would carry out another review of Facebook owner Meta's acquisition of Giphy after a tribunal quashed its original decision to block it.

Britain's Competition and Markets Authority (CMA) last year social media rivals.

Recently, the US tech giant partially won an appeal against the regulator, when Britain's Competition Appeals Tribunal (CAT) said that the CMA had "failed properly to consult" and had "wrongly excised portions from its decision".

The CAT said it had quashed the regulator's ruling and referred the matter back for a new decision.

In response, the CMA said the tribunal had endorsed its approach to reviewing mergers that might harm innovation, but had agreed to reconsider its ruling.

"We will commence our review shortly," it said.

In February this year, Britain's competition regulator Facebook owner Meta 1.5 million pounds (roughly Rs. 11 crore) over fresh issues regarding its purchase of Giphy, a sanction that the US firm said it would accept.

Britain's Facebook-Giphy deal.

The CMA ordered Giphy in May 2020, after it decided the remedies offered by the US company did not answer its concerns over the impact to digital advertising.

© Thomson Reuters 2022

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