The CMA ordered Meta to sell Giphy. (Image credit: Facebook/Meta)
Meta said last month it filed an appeal against the Competition and Markets Authority (CMA)’s decision to halt its acquisition of Giphy in 2020.
- Reuters
- Last Update:Jan 06, 2022, 17:58 IST
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Facebook-owner Meta has applied to appeal a British competition watchdog ruling that it should sell Giphy on grounds that the deal removed a potential competitor in display advertising.
Read also: Facebook buys Giphy for $400 million, plans to integrate GIF library with Instagram
Meta said last month it filed an appeal against the Competition and Markets Authority (CMA)’s decision to halt its acquisition of Giphy in 2020. It was the first time a British regulator had blocked a major digital acquisition, and it signaled a step change in its investigation of “big tech” companies.
The Competition Appeals Tribunal published a summary of META’s application on Wednesday, outlining its challenge on six grounds. The US company, which also owns Instagram and WhatsApp as well as Facebook, said the CMA had failed to assess its proposal to ensure that Giphy continues to provide services to competitors such as Snapchat and TikTok on equal terms. Can keep Meta said the regulator’s decision was also procedurally flawed.
CMA ordered Meta to sell Giphy, which it reportedly acquired in May 2020, for $400 million, after deciding in November that the measures taken by the US company did not respond to its concerns.
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