Meta Had To Sell Giphy!

Facebook, which we now refer to as Meta, was the most popular in the world a few years ago. GIF sharing platform Giphy in an attempt to purchase had come to the fore. The purpose of the company is to buy this platform, It was to integrate it into Instagram. It was believed that this would provide a good experience for users.

As a result of the negotiations, Giphy and Meta agreed and 400 million dollars the deal was signed. With this deal, Giphy officially your meta had been. However, the cost of the acquisition to Meta had suddenly increased to 470 million dollars. Because the UK Competition and Market Administration (CMA), which examined the agreement in question, stated that Meta’s to commit an irregularity decided and fully $70 million had been fined.

CMA deadlocks Meta’s attempt to buy Giphy

Irregularity was not CMA’s only issue in the acquisition process. According to officials, Meta, with this acquisition attempt will hinder competition and it would become more powerful in the internet sector, where it was already very strong. Moreover, a report prepared at the end of 2021 explained Meta’s every reason for this acquisition. considered it untrue. The UK is Meta’s Giphy for disposal he was pushing hard.

It’s finally come to an end: Meta has to sell Giphy!

Now this issue, which has been going on for years, has come to an end. About Meta’s acquisition of Giphy final decision announced. In a report by the UK Competition Appeals Tribunal, the CMA contested on five of the six reasons It was stated that he was right. As a result, Meta was forced to sell Giphy. The company has to part ways with Giphy whether they want it or not…

In the prepared report, with the agreement in question, Meta’s power in the social media world will increase exponentially expressed. Also, Meta could end the Giphy integration of other social media platforms after this acquisition. As a result, social media users in the UK have increased their time spent on platforms. like 73 percent he could spend a serious part of it on the channels belonging to Meta. In addition to all these; Giphy’s other clients, such as TikTok or Snapchat, have been linked to British internet users due to this deal. to more data could reach. All this resulted in the permanent cancellation of the purchase.

A statement came from the meta: We are sorry, but we accept the final decision…

Reaching Meta about the subject TechCrunchmanaged to get a response. A Meta spokesperson, “We are disappointed with the CMA’s decision. However, we accept today’s decision as the last word on the subject…He stated that they accepted the sale of Giphy. Now the curious thing is that Giphy Who will be the new owner?…