Facebook-Giphy acquisition gets reprieve as UK tribunal challenges regulators' findings
Justin Sullivan/Getty Images News


The acquisition of Giphy from Meta Platforms (NASDAQ:META) Facebook unit was given a reprieve after Britain's Competition Appeals Tribunal challenged the findings of the country's Competition and Markets Authority.
The Competition Appeals Tribunal found that the CMA had "failed properly to consult" and had "wrongly excised portions from its decision." As such, the CMA said it will reconsider its ruling that Meta (META) would need to sell Giphy after it initially found the $400M deal could harm rivals and result in the loss of an advertising competitor.

The CMA said it anticipates publishing its final report sometime in October.
On December 23, 2021, Meta (META) appealed the CMA's decision to the Competition Appeal Tribunal, challenging certain parts of the CMAâs findings.
Animated gif search engine Giphy was acquired by Meta Platforms (META) in 2020.
Last week, Meta (META) said that Facebook users will be able to have up to five different profiles under their Facebook account, marking a significant change in how users present themselves on the social network.