LONDON – Facebook parent company Meta will challenge a recent decision by the UK’s Competition and Markets Authority (CMA), Bloomberg News reported. The regulator ordered it to sell GIF search engine Giphy.
Meta to Appeal CMA Order to Sell Giphy
Meta is taking its cases to the Competition Appeal Tribunal and has asked for the order to sell Giphy to be paused. In a statement, a Meta spokesperson said:
The decision to block the deal is wrong on the law and the facts, and the evidence does not support the CMA’s conclusions or remedy.
Earlier this month, the CMA found that holding onto GIPHY means that Meta could limit or deny access to its GIFs to platforms that it doesn’t own or change the terms of access. The acquisition took place in May 2020 for US$315 million (reports at the time suggested a US$400 million price tag).
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