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 harm competition in the display advertising market.
A Facebook logo is displayed on a smartphone in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/File Phototo sell GIF website Giphy after the country's competition regulator said on Thursday its investigation found the deal between the two companies would harm competition in the display advertising market.
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. The UK's Competition and Markets Authority began a probe into the deal in January at a time when the social media network was under global regulatory scrutiny over antitrust concerns. In April the CMA referred the deal to"Giphy's takeover could see Facebook withdrawing GIFs from competing platforms or requiring more user data in order to access them. It also removes a potential challenger to Facebook," said Stuart McIntosh, chair of the independent investigation for the CMA.
The CMA said that it has engaged with other agencies reviewing the deal to help the CMA's investigation, and is now inviting comments from interested parties by Sept. 2 for its provisional findings.Reporting by Pushkala Aripaka in Bengaluru; editing by Shounak Dasgupta and Jason NeelySubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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