Facebook parent Meta said Tuesday that it will sell off Giphy after running out of options to thwart a ruling by U.K. regulators, who again found that the deal to buy the GIF-sharing platform would limit competition and innovation.
Britain's competition watchdog had ordered Meta last year to reverse the deal -- a year after it was announced -- but the company appealed to a tribunal, which rejected most of its arguments. After reviewing the case further, the Competition and Markets Authority concluded that "the only way to avoid the significant impact the deal would have on competition" is for Meta to sell Giphy to an approved buyer.
New York-based Giphy's library of short looping videos, or GIFs, are a popular tool for internet users sending messages or posting on social media. It was the first time the U.K. watchdog had sought to unwind a tech deal and marked a prelude to stepped-up scrutiny: earlier this year the CMA opened inquiries into Amazon's dominance and Microsoft's purchase of videogame maker Activision Blizzard.
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