The Competition and Markets Authority (CMA) is set to block Meta, formerly known as Facebook, from acquiring online GIF platform Giphy, according to sources reported by The Financial Times.
This would be the first time that the competition watchdog has blocked a BigTech acquisition according to the newspaper’s sources.
Meta first agreed to buy Giphy in May 2020.
Founded in 2013, the US-based firm provides an online database and search engine that enables users to find and share short looping videos with no sound
In August 2021, the CMA alleged the merger could harm competition between social media platforms and remove a potential challenger in the display advertising market, after beginning its investigation earlier in the year in June.
In October, Meta was hit with a £50.5 million fine after it breached an order imposed by the Competition and Markets Authority (CMA) during its investigation into the company’s purchase of Giphy.
The CMA said Meta had breached the order by consciously refusing to report all the required information.
Neither Meta nor the CMA has yet issued a statement on the reports.
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