Facebook-parent Meta plans to sell off Giphy, an online search tool for animated images, after the UK government said it would force the tech giant to unwind its acquisition of the service
It’s the first time regulators have successfully broken up a part of the technology giant since Meta’s economic dominance began drawing antitrust scrutiny from officials around the globe. The final decision on Tuesday by the UK Competition and Markets Authority ends a drawn-out fight with Meta over the deal’s likely impact on rivals’ access to GIFs, as well on as the digital advertising market.
“We are grateful to the GIPHY team during this uncertain time for their business, and wish them every success.” Meta added it would continue exploring acquisitions, despite the defeat. For years, critics have accused the tech industry’s biggest players of seeking out “killer acquisitions” of smaller companies. The acquisitions, they said, could entrench the larger players’ dominance by cutting off potential competition.
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