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Meta Platforms’ acquisition of online GIF platform Giphy is expected to be blocked by the UK competition commission in the coming days.
According to the article, the Competition and Markets Authority is planning to overturn the purchase, which would be the first time the watchdog has revoked a Big Tech acquisition.
Outside of business hours, Reuters filed requests for comment to Meta Platforms and the regulator. In October, the regulator fined Facebook (NASDAQ: FB), now Meta, 50.5 million pounds ($67.35 million) for breaking a court order imposed following a probe into its purchase of the GIF site Giphy.
In May of last year, Facebook purchased Giphy, a website for creating and sharing animated images, or GIFs, in order to merge it with its Instagram photo sharing program. Axios estimated the deal to be worth $400 million.
Story by : Norvisi Mawunyegah