Big Law
The UK’s CMA Is Set to Block Facebook’s Acquisition of Giphy
Facebook’s acquisition of animated GIF platform Giphy is set to be blocked by the UK’s competition watchdog, it was reported on Monday, which would mark the first time the Competition and Markets Authority (CMA) puts the brakes on a Big Tech deal.
According to the Financial Times, who cited sources close to the matter, the CMA was preparing to reverse the deal following an investigation that was launched in June 2020.
Facebook’s parent company, which recently rebranded as Meta, agreed to buy Giphy in a deal reportedly worth $400m last May.
