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UK's CMA says Facebook has too much influence in social media and must sell Giphy

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News, Reviews & Betas which includes large community peer support The UK’s Competition and Markets Authority has ordered Facebook to sell Giphy to an approved buyer. It said the sale could see access by other social media platforms to Giphy GIFs restricted.
The United Kingdom’s Competition and Markets Authority has directed Facebook to sell Giphy over concerns that the acquisition would reduce competition among social media platforms. It said that Meta’s Facebook, WhatsApp, and Instagram account for 73% of user time on social media in the UK and the purchase of Giphy could limit other platforms’ access to Giphy GIFs and ultimately drive more traffic to Meta-owned platforms.

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