Monday 29 November 2021
Meta, the corporate conqueror formerly known as Facebook, looks set to lose a chunk of its gargantuan empire. According to the Financial Times, the UK’s competition regulator is expected to reverse the company’s acquisition of Giphy. The move, which would be the first time that the Competition and Markets Authority (CMA) has reversed a big tech deal, could set a precedent for future action. The CMA’s investigation Facebook agreed to buy Giphy for $315 million in May 2020. Announcing the deal in a blogpost, Vishal Shah, then-Facebook VP of Product, said the GIF-hosting platform would join the Instagram team: Giphy…
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