Facebook parent Meta has agreed to pay a $2 million Britain’s competition regulator fined it.
Britain’s Competition and Markets Authority(CMA) fined Meta over fresh issues regarding its purchase of Giphy.
Britain’s Competition and Markets Authority (CMA) had sought to block the Facebook-Giphy deal in its mandate to checkmate the dominance of major tech groups.
The CMA ordered Meta to sell animated images platform Giphy, which it acquired for a reported $400 million in May 2020, after it decided the remedies offered by the U.S. company did not answer its concerns over the impact to digital advertising.
The CMA said that Meta had failed to comply with certain aspects of its requirements in regard to the handling of Giphy, with the U.S. firm failing to notify the UK regulator that key staff had left Meta.
Meta is appealing the ruling to sell. It said it did not agree with the CMA’s latest fine but would pay it.