Giphy, which was bought by Meta in May 2020 but was approved by the regulatory authorities in the UK, will be resold when it loses the lawsuit. The Competition Board requested that the platform be sold.Giphy is so unlucky
Giphy, the internet’s largest GIF platform, was acquired by Meta for $400 million. It was said that the company would make a deeper integration with social media platforms. However, the UK regulator did not approve the sale due to data sharing, restriction of access to competing platforms, unfair contracts and reduced advertising options. He also asked her to dispose of it.
Meta, on the other hand, stated that he would operate the platform completely openly by taking the issue to the Competition Board. However, the board deemed it unfair in 3 articles and upheld the decision. Thus, the necessity of reselling the Giphy platform emerged.
Meta said it was disappointed with the decision. The company is ready to cooperate for the sale of Giphy. However, it continues its search for different purchases. The Giphy decision will not affect Meta financially, but it can be a reference at a time when WhatsApp and Instagram purchases are re-examined. The UK is also preparing to file a lawsuit over the acquisition of Within VR.
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