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Facebook Fined $70 Million Over Rules Breach in Giphy Deal (2)

Oct. 20, 2021, 11:55 AM

Facebook Inc. was fined 50.5 million pounds ($70 million) by the U.K.’s merger watchdog for failing to update regulators on the deal with Giphy they were probing.

The U.K.’s Competition and Markets Authority said Facebook “consciously” refused to report on efforts to hold separate the Giphy GIF search engine it bought before getting U.K. merger approval.

“As a result, the CMA has issued a fine of 50 million pounds for this major breach, which fundamentally undermined its ability to prevent, monitor and put right any issues,” the authority said Wednesday. “This should serve as a warning to any company that ...

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