The U.Ok.’s prime competitors regulator directed Meta Platforms Inc., previously Fb , to promote social-media animated-images firm Giphy, saying its acquisition might restrict competitors amongst platforms and U.Ok. advertisers.
Fb purchased Giphy in Could 2020 for $315 million, based on paperwork printed as a part of a evaluate of the deal by the Competitors and Markets Authority that has been beneath means since June of final yr. The regulator mentioned Tuesday that the deal, amongst different issues, had eliminated Giphy as a possible challenger within the display-advertising market, consistent with its provisional findings issued in August.