UK competition regulators will sell social media animated image company Giphy to Meta Platforms Inc. (formerly Facebook) on Tuesday after determining that the deal could harm social media users and UK advertisers. Announced that he had instructed.
The Competitive Markets Department has reduced competition between social media platforms with the acquisition of Giphy by social media platforms, and in line with the preliminary findings released in August, the deal has potential in the display advertising market. He said Giphy as a challenger has already been eliminated. ..
After consulting with interested companies and organizations and evaluating alternative solutions, we conclude that competitive concerns can only be addressed by the company that sells the entire Giphy to another buyer.
“By requesting Facebook to sell Giphy, we protect millions of social media users and drive competition and innovation in digital advertising,” said Stuart Mackintosh, chairman of the independent research group conducting the survey. I am saying.
Giphy allows users to search, create, and share animated images called GIFs. This is an abbreviation for graphic exchange format. When Facebook acquired Giphy last year, it said it plans to integrate it into Instagram and other apps.
Write to Joe Hoppe at firstname.lastname@example.org
UK regulators instruct Facebook to sell Giphy over competitive concerns
Source link UK regulators instruct Facebook to sell Giphy over competitive concerns