Facebook owner Meta ordered to sell gif search engine Giphy

Meta has been ordered to sell gif creation website Giphy by the UK’s competition watchdog. This is the first time the regulator has blocked a deal struck by a big Silicon Valley company. In November, the Competition and Markets Authority told Meta that it would need to sell Giphy. However, Meta appealed the decision, which was upheld by the Competition Appeal Tribunal. Following an “expedited review” the CMA said it stood by its order to sell the business. The regulator said Meta would be able to increase its “already significant market power” by cutting off the supply of gifs to rivals. "It has already resulted in the removal of a potential challenger in the UK display ad market, while also giving Meta the ability to further increase its substantial market power in social media," Stuart McIntosh, The Chair Of The Independent Inquiry Group That Carried Out The Remittal Investigation. Meta said it accepted Tuesday’s CMA decision as the final word on the matter and would sell off Giphy.