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Meta Must Sell Giphy on U.K. Antitrust Worries in Big Tech Blow

Nov. 30, 2021, 2:23 PM

Britain’s antitrust watchdog ordered Facebook parent Meta Platforms Inc. to sell Giphy, the first time a global regulator has forced a Big Tech firm to unwind a completed deal. A turnaround after years of being allowed to swallow up smaller rivals with virtually no push back.

The Competition and Markets Authority found that last year’s $315 million tie up with the GIF search engine will reduce competition between social media platforms, according to a statement Tuesday.

It’s the first time a Big Tech firm has been ordered by regulators in Europe and the U.S. to undo an acquisition rather than ...