The CMA has ordered Meta to sell Giphy (PA)
(Picture: PA Archive)Social media giant Meta suffered a blow today as the firm was ordered to abandon its $315 million takeover of GIF search engine Giphy by the UK’s competition watchdog.
The Competition and Markets Authority found that Meta’s takeover of Giphy could allow the firm to limit other social media platforms’ access to GIFs, making those sites less attractive to users and less competitive.
