Pinwan, October 18, according to Reuters news, Facebook’s parent company Meta’s acquisition of Giphy’s deal was officially rejected today, Meta agreed to abandon the deal, and Giphy will find another buyer.
Back in May 2020, Meta announced the acquisition of Giphy, a GIF image search engine, for $315 million. Although Meta has completed the deal, at the end of November last year, the UK antitrust regulator, the Competition and Markets Authority (CMA), blocked the deal, requiring Meta to sell Giphy.
Following the ruling, Meta filed an appeal in December, asking the UK Competition Court of Appeal (CAT) to reassess the CMA’s ruling to overturn it. In July, a CAT judge quashed the CMA’s order, citing problems with its investigative methodology, and asked the CMA to reconsider whether the deal would reduce competition in the display advertising and social media services market.
Today, the CMA has made a final decision, insisting that Meta sell Giphy. A suitable buyer will be identified at a later date.
A spokesperson for Meta said: “We are disappointed by the CMA’s decision but accept today’s ruling as final on this matter. We thank the Giphy team for what they have done for their business during this uncertain time. Work hard and wish them every success.”
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