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The U.K.’s Competition and Markets Authority (CMA) has ordered social media giant Meta to sell Giphy, having found that the deal to buy the platform “would limit choice for social media users and reduce innovation in the country’s display advertising.”
The ruling follows the announcement in 2020 that Meta had reached a deal worth around $315 million to acquire the GIF-making platform which came under scrutiny for faced claims of being anti-competitive to the U.K. market.