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Meta, then known as Facebook, bought Giphy in May 2020 for $315 million. The U.K.’s Competition and Markets Authority initially ordered Meta to sell Giphy last year. Meta said this week that they are disappointed by the order, but won’t appeal the decision further.
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By buying Giphy, Mr. McIntosh said Facebook had removed a “potential challenger in the U.K. display ad market, while also giving Meta the ability to further increase its substantial market power in social media.” A sale of Giphy is the only way to address the issue, he said.
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