The merger of social media giant Facebook and Giphy, the largest provider of GIFs, has run into a roadblock from the U.K.’s Competition and Markets Authority (CMA). Following an investigation…
Following an investigation, the CMA has provisionally found that Facebook’s takeover of Giphy will negatively impact competition between social media platforms.If the CMA competition concerns are ultimately confirmed, it could require Facebook to unwind the deal and sell off Giphy in its entirety.
“For example, Facebook could require Giphy customers, such as TikTok, Twitter and Snapchat, to provide more user data in order to access Giphy GIFs. Such actions could increase Facebook’s market power, which is already significant,” the CNA said in a statement. The CMA’s analysis records that Facebook’s platforms — Facebook, WhatsApp, and Instagram — account for over 70% of the time people spend on social media and are accessed at least once a month by 80% of all internet users.
“While our investigation has shown serious competition concerns, these are provisional,” McIntosh added. “We will now consult on our findings before completing our review. Should we conclude that the merger is detrimental to the market and social media users, we will take the necessary actions to make sure people are protected.”
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