In a significant push against Big Tech’s ability to maintain market dominance through sheer buying power, the U.K.’s competition watchdog has ordered Facebook (now Meta) to reverse its acquisition of animated GIF platform, Giphy — confirming the Financial Times’ earlier reporting.
The Competition and Markets Authority (CMA) said its phase 2 investigation cemented its earlier competition concerns about the impact of Meta owning and operating Giphy — and it’s now ordering Meta to sell Giphy.
