A Financial Times’ report culled by Reuters has it that the UK competition regulator is expected to block Meta Platforms’ acquisition of online GIF platform Giphy in the coming days.
This would be the first time the Competition and Markets watchdog has reversed a Big Tech acquisition, the report said.
The regulator had in October fined the U.S. social media giant Facebook, now Meta, 50.5 million pound ($67.35 million) for breaching an order that was imposed during an investigation into its purchase of the GIF platform, Giphy.
Facebook bought Giphy, a website for making and sharing animated images, or GIFs, in May last year to integrate it with its photo-sharing app, Instagram. The deal was then pegged at $400 million by Axios.