Britain might require Facebook (FB.O) to sell GIF website Giphy after the country's competition regulator said on Thursday its investigation found the deal between the two companies would hurt the display advertising market.
A Facebook logo is displayed on a smartphone in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/File PhotoSays Facebook could withdraw Giphy GIFs from competing platformsAug 12 - Britain might require Facebook
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 pegged at $400 million by Axios. "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.
This is not the first time the CMA has raised concerns about major deals. The $9.2 billion eBay-Adevinta deal has caught its attention, and the CMA has asked the new owners of supermarket chain Asda to fix fuel competition concerns.
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