META AGREES TO SELL GIPHY, ENDING BATTLE WITH UK REGULATORS

Facebook parent Meta said that it will sell off Giphy after running out of options to thwart a ruling by U.K. regulators, who again found that the deal to buy the GIF-sharing platform would limit competition and innovation.

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Britain’s competition watchdog had ordered Meta last year to reverse the deal — a year after it was announced — but the company appealed to a tribunal, which rejected most of its arguments. After reviewing the case further, the Competition and Markets Authority concluded that “the only way to avoid the significant impact the deal would have on competition” is for Meta to sell Giphy to an approved buyer.