UK refers Facebook's acquisition of Giphy for in-depth probe

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The social media giant says it is not offering any concessions to address antitrust concerns. FMTNews

LONDON: Britain today referred Facebook Inc’s acquisition of GIF website Giphy for an in-depth probe after Facebook told the country’s competition watchdog it would not be offering any concessions to address antitrust concerns.

However, the CMA said today that Facebook had informed it last Thursday that it would not be offering any remedies to address its competition concerns. “This merger is good for competition and in the interests of everyone in the UK who uses Giphy and our services – from developers to service providers to content creators,” he added.Facebook, the world’s largest social media company 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.

 

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