Competition and Markets Authority finds companies’ $400m deal removes a potential challenger to Facebook’s Instagram
The Facebook app is seen on a phone screen August 3 2017. Picture: REUTERS/THOMAS WHITE
Facebook, the world’s largest social media company, bought Giphy, a website for making and sharing animated images, or GIFs, in May last year to integrate it with its photo-sharing app, Instagram. The deal was valued at $400m by USThe UK’s Competition and Markets Authority started inspecting the deal in January, and in April referred it to an in-depth investigation.
“We disagree with the CMA’s preliminary findings, which we do not believe to be supported by the evidence. As we have demonstrated, this merger is in the best interest of people and businesses in the UK — and around the world,” a Facebook spokesperson said.
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