Facebook, which we now call Meta, was the most popular in the world a few years ago. GIF sharing platform Giphy trying to buy had emerged. The aim of the company is to buy this platform, It was to integrate it into Instagram. It was believed that this would provide a good experience for users.

As a result of the negotiations, Giphy and Meta agreed and 400 million dollars the deal was signed. With this deal Giphy is official your meta had been. However, the cost of the acquisition for Meta had suddenly risen to $470 million. Since the UK Competition and Market Administration (CMA), which investigated the agreement in question, has stated that Meta’s commit an irregularity decidedly and completely $70 million had been fined.

CMA blocks Meta’s attempt at Giphy. to buy

Irregularity was not CMA’s only problem in the acquisition process. According to officials, Meta, with this takeover attempt will hinder competition and it would become more powerful in the internet sector, where it was already very strong. In addition, a report prepared at the end of 2021 stated every reason from Meta for this acquisition. considered it false. The UK is Meta’s Giphy to throw away he was pushing hard.

The time has finally come: Meta has to sell Giphy!

Now this issue, which has been going on for years, has come to an end. About Meta’s acquisition of Giphy final decision announced. In a report from the UK Competition Appeals Tribunal, the CMA contested: on five of the six reasons He was said to be right. As a result, Meta was forced to sell Giphy. The company has to say goodbye to Giphy, whether they like it or not…

In the prepared report, with the agreement in question, the power of Meta in the world of social media will increase exponentially expressed. Also, after this acquisition, Meta could end the Giphy integration of other social media platforms. As a result, social media users in the UK have increased their time on platforms. like 73 percent he could spend a serious chunk of it on Meta’s channels. Besides all these; Other Giphy customers, such as TikTok or Snapchat, have been linked to British internet users through this deal. to more data could reach. All this resulted in the final cancellation of the purchase.

A statement came out of the meta: We’re sorry, but we accept the final decision…

Reaching meta on the topic TechCrunchmanaged to get a response. A Meta spokesperson”,CMA’s decision disappointed us. However, we accept today’s decision as the last word on this subject…He stated that they accepted the sale of Giphy, but the curious thing is that Giphy Who will be the new owner?…