Meta ‘Have to’ Sell Giphy

In 2020, Meta announced that it would buy Giphy, the world’s most popular GIF platform, for $400 million. Although Meta has officially acquired Giphy United Kingdomrequested the reversal of the purchase. The reason for this is UK Competition and Markets Authority (CMA) does not see the acquisition as competitive.

In August 2021, the CMA decided last year that Meta should sell the Giphy. After this decision, Meta also appealed, of course. UK on 14 June Competition Appeal Courts The new decision shared by Meta dealt another heavy blow to Meta.

Meta’s appeal was largely unsuccessful

All but one of Meta’s grounds for appeal in the decision published by the court unanimously rejected. However, the court shared that the CMA acted “rationally” in its decision that Meta should sell Giphy. With this decision, Meta had a hard time keeping Giphy in.

On the other hand, Meta’s last trump card shows that the company has not completely lost this process. In one of the six grounds of appeal Meta presented, the CMA’s ‘about a year after we were informed of the decision‘ He argued that Snapchat was not properly informing Meta about its acquisition of Gfycat. The court upheld this reasoning. In the coming weeks, he will consult with Meta and CMA to decide how this error can be fixed.