Big Law
The UK Fines Meta $2 Million Over Its Acquisition of Giphy
The UK Competition and Markets Authority (CMA) has fined Meta (formerly Facebook) $2 million for failing to disclose key changes regarding its $315 million acquisition of online database and search engine Giphy.
According to the CMA, Meta failed to notify the regulator about the resignation of three key employees and the reallocation of their roles.
In November, the UK anti-trust watchdog had ordered Meta to sell Giphy, as the acquisition could harm social media users and UK advertisers.
