About a year ago, we were reporting that Facebook was acquiring Giphy for an undisclosed sum, with intentions to integrate it into Instagram. Sources told Axios the…
Why it matters: After starting an investigation on Facebook’s acquisition of the largest provider of animated GIFs last year, the United Kingdom’s Competition and Markets Authority (CMA) announced this week they believe the merger will negatively impact social media competition. These findings are still provisional, but if confirmed, the CMA could block the deal. About a year ago, we were reporting that Facebook was acquiring Giphy for an undisclosed sum, with intentions to integrate it into Instagram. Sources told Axios the deal was closed for $400 million. British authorities announced they were beginning their antitrust investigation a month later.
