META stock is trading at $132.44 as of 02:51 PM EDT.
The U.K.’s Competition and Markets Authority ordered Meta Platforms ( NASDAQ:META ) to sell animated search engine Giphy on the basis that the agreement might restrict the access of other social media networks to GIFs, which would be detrimental to social media users in the U.K.
A spokeswoman for Meta ( NASDAQ:META ) told The Verge that the company was “despite being” disappointed by the CMA’s decision, the party would nonetheless accept it as the “last word on the matter.” On divesting Giphy, we will cooperate closely with the CMA.
The CMA stated on Tuesday that alternative social networks might become “less attractive to users and less competitive” if Meta Platforms (META) restrict users’ access to GIFs. The deal, according to the agency, stifled innovation by eliminating Giphy as a possible rival in the U.K. video ad market. The CMA said that about half of the £7 billion UK display advertising market is controlled by Meta ( NASDAQ:META ).
The CMA stated in a statement that it had come to the conclusion that selling Giphy to an approved bidder in its entirety was the only way to prevent the deal’s severe impact on competition. The Facebook division of Meta Platforms ( NASDAQ:META ) couldn’t buy Giphy in July because the Competition Appeals Tribunal of Great Britain didn’t agree with the conclusions of the CMA.
The Competition Appeals Tribunal said that the CMA “failed ...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube