UK forces Meta to halt its forced sale of Giphy
Meta’s ownership of Giphy could allow the company to prevent rivals like TikTok and Snapchat from accessing Giphy’s GIF library. Meta declined to comment on the ruling. The company previously argued that the CMA was acting outside of its jurisdiction because Giphy had no operations in the UK.
“Today’s ruling found that the CMA’s approach to its investigation was ‘difficult to defend’ and ‘undermines the entirety of the Decision,’" the company said after the Competition Appeal Tribunal's initial ruling."We look forward to understanding how these serious process flaws will be addressed. We firmly believe our investment would enhance GIPHY’s product for the millions of people, businesses, and partners who use it.
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