On Tuesday in the UK, we saw an appeals tribunal uphold its previous commandment of telling Meta to unwind its decision of acquiring Giphy. This was initially reported by the Financial Times.
The news comes to us just six months post the country’s court ruling from the CMA. To be more specific, it’s nearly two years after the firm first revealed its decision to purchase the firm.
We are not going to say that the ruling that came out was a whole defeat for Meta but we do believe that it was definitely not something that the tech giant had hoped for.
Interestingly, the appeals tribunal had ruled in favor of the points highlighted by the CMA in regards to 5 of the 6 claims. Moreover, we saw the tribunal mention how the CMA literally failed to inform Meta about Snap’s acquisition of Gfycat after a good one-year duration. Therefore, it undermined the firm’s defense.
Now, it is totally up to the tribunal to decide how it plans on making the CMA remediate this huge mistake, which is a decision that we’d most likely be seeing in the next few weeks after consulting with both the leading parties involved.
Still, this judgment is definitely not an easy path as tech analysts predict that the road ahead is pretty bumpy when you’ve got a proposed acquisition involved.
The tribunal was seen upholding all of the reasoning behind the decision that it had taken and is definitely in no mood of overturning it completely.
So that means it’s up to Meta on how it plans to unwind its deal, which is not going to be an easy task, that’s for sure.
When asked to comment on the matter, Meta says that the CMA was called out for its behavior and it hopes to see how such huge system errors would be addressed as they are definitely some major concerns for many people involved.
Sources: 1 / 2.
Read next: Meta Is Taking More Innovative Steps To Make Its VR Environments More Interactive
The news comes to us just six months post the country’s court ruling from the CMA. To be more specific, it’s nearly two years after the firm first revealed its decision to purchase the firm.
We are not going to say that the ruling that came out was a whole defeat for Meta but we do believe that it was definitely not something that the tech giant had hoped for.
Interestingly, the appeals tribunal had ruled in favor of the points highlighted by the CMA in regards to 5 of the 6 claims. Moreover, we saw the tribunal mention how the CMA literally failed to inform Meta about Snap’s acquisition of Gfycat after a good one-year duration. Therefore, it undermined the firm’s defense.
Now, it is totally up to the tribunal to decide how it plans on making the CMA remediate this huge mistake, which is a decision that we’d most likely be seeing in the next few weeks after consulting with both the leading parties involved.
Still, this judgment is definitely not an easy path as tech analysts predict that the road ahead is pretty bumpy when you’ve got a proposed acquisition involved.
The tribunal was seen upholding all of the reasoning behind the decision that it had taken and is definitely in no mood of overturning it completely.
So that means it’s up to Meta on how it plans to unwind its deal, which is not going to be an easy task, that’s for sure.
When asked to comment on the matter, Meta says that the CMA was called out for its behavior and it hopes to see how such huge system errors would be addressed as they are definitely some major concerns for many people involved.
Sources: 1 / 2.
Read next: Meta Is Taking More Innovative Steps To Make Its VR Environments More Interactive