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UK court quashes Meta-Giphy deal block, CMA to reconsider ruling
By Arghyadeep Dutta - Jul 18, 2022, 02:48 PM ET
Last Updated - Mar 12, 2024, 09:04 AM EDT
Meta Platforms Inc’s (NASDAQ: META) acquisition of animated images platform Giphy after a UK court found concerns in the investigation approach and quashed the original decision to block the deal
Britain’s competition regulator on Monday said the agency would conduct another review of Facebook owner Meta Platforms Inc’s (NASDAQ: META) acquisition of animated images platform Giphy after a UK court found concerns in the investigation approach and quashed the original decision to block the deal.
Britain’s Competition and Markets Authority (CMA) last year ordered Meta to sell Giphy, which the social media giant acquired for around $315 million, citing concerns around a loss of competition in advertising and the potential impact on social media rivals.
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Last month, the Meta partially won an appeal against the regulator when Britain’s Competition Appeals Tribunal (CAT) said that the CMA had “failed properly to consult” and had “wrongly excised portions from its decision”.
The CAT said it had quashed the regulator’s ruling and referred the matter back for a new decision.
The CMA, in response to Reuters’ query, said the tribunal had endorsed its approach to reviewing mergers that might harm innovation but had agreed to reconsider its ruling.
“We will commence our review shortly,” CMA told Reuters.
Picture Credit: Reuters
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