Facebook Fined $70 Million in U.K. Over Giphy Merger Breach

📆 2021-10-20 22:15:00
📰 WSJ

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The U.K.’s competition regulator fined Facebook, alleging it breached reporting requirements during a continuing review of its proposed takeover of Giphy

The Competition and Markets Authority said Wednesday that Facebook had failed to provide required updates outlining its compliance with an interim order the watchdog imposed in 2020, as part of its review of the Giphy deal. The CMA said that it had given Facebook multiple warnings to provide the required information, and that it believes the company’s “failure to comply was deliberate.”

Facebook described the allegation of a deliberate failure as a mischaracterization. The company said it provided regular compliance statements to the CMA, and that the regulator was slow to grant standard exceptions to what Facebook said was an overly broad compliance order. Facebook bought Giphy in May 2020, paying $315 million, according to documents published as part of the CMA’s merger review. The CMA said Wednesday that it is still reviewing the Giphy deal. In August, it warned that it couldafter provisionally finding that it would harm competition. A final decision is due before Dec. 1.

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