Meta has opted to call it quits on the battle it was engaging alongside UK’s regulator. This was linked to the mega $400 million acquisition of the Giphy firm.
This means the tech giant is ready to sell Giphy’s global operations. The news comes after a new report was released by the CMA in terms of the upcoming acquisition deal.
Here is where it was mentioned that the CMA found the complete acquisition of GIPHY Inc to be in the name of Facebook which is now called Meta Platforms. This may put forward a lot of concerns regarding competition advertising supply in the United Kingdom as well as so many social media services seen globally. On that note, Facebook must sell GIPHY and is being forced to do so.
Speaking to The Verge recently, a spokesperson for Meta says that the decision is awfully disappointing and this isn’t something that they had expected from the CMA. Moreover, the ruling was criticized but they did accept it as the final decision being taken on the issue.
Meta also hopes to work side by side with the CMA as its sells off Giphy’s global operations.
The CMA began to probe such an acquisition in the year 2020 and that was linked to issues of antitrust. Then in August of 2021, it went on to conclude that the Facebook platform merging with Giphy wouldn’t be such a great decision as it would harm competition between the app’s platforms.
Similarly, they spoke of how it would remove a key player in the world of display for advertising marketing. Meanwhile, Meta has opted to fight back and has since then been working out legal matters after being served a whopping $68 million fine last year for purposefully withholding information.
But just one year later, it has drawn the lines and decided to call it quits on the fight and no longer defend the deal or its position on it. However, we did see it state how GIFs are no longer trending in the world of social media and younger audiences weren’t keen on using them anymore. They felt it was cringy.
Keeping that thought in mind, Meta is definitely worried about the demand for the project from those interested buyers and how it may be lower than anticipated.
So now, the major concern is suffering a significant loss in the deal as it prepares for Giphy’s global sellout.
Read next: Meta’s Horizon World Struggles To Gain New Users While Losing Older Ones
This means the tech giant is ready to sell Giphy’s global operations. The news comes after a new report was released by the CMA in terms of the upcoming acquisition deal.
Here is where it was mentioned that the CMA found the complete acquisition of GIPHY Inc to be in the name of Facebook which is now called Meta Platforms. This may put forward a lot of concerns regarding competition advertising supply in the United Kingdom as well as so many social media services seen globally. On that note, Facebook must sell GIPHY and is being forced to do so.
Speaking to The Verge recently, a spokesperson for Meta says that the decision is awfully disappointing and this isn’t something that they had expected from the CMA. Moreover, the ruling was criticized but they did accept it as the final decision being taken on the issue.
Meta also hopes to work side by side with the CMA as its sells off Giphy’s global operations.
The CMA began to probe such an acquisition in the year 2020 and that was linked to issues of antitrust. Then in August of 2021, it went on to conclude that the Facebook platform merging with Giphy wouldn’t be such a great decision as it would harm competition between the app’s platforms.
Similarly, they spoke of how it would remove a key player in the world of display for advertising marketing. Meanwhile, Meta has opted to fight back and has since then been working out legal matters after being served a whopping $68 million fine last year for purposefully withholding information.
But just one year later, it has drawn the lines and decided to call it quits on the fight and no longer defend the deal or its position on it. However, we did see it state how GIFs are no longer trending in the world of social media and younger audiences weren’t keen on using them anymore. They felt it was cringy.
Keeping that thought in mind, Meta is definitely worried about the demand for the project from those interested buyers and how it may be lower than anticipated.
So now, the major concern is suffering a significant loss in the deal as it prepares for Giphy’s global sellout.
Read next: Meta’s Horizon World Struggles To Gain New Users While Losing Older Ones
