Update (12PM CET, November 30, 2021):Updated to include the CMAs decision.
Meta, the corporate conqueror formerly known asFacebook, looks set to lose a chunk of its gargantuan empire.
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The announcement came amid growing concerns about Facebooks power.
The regulator said it would scrutinize whether the deal would reduce competition in the companys markets.
The CMA also ordered Facebook tonot integrate with Giphy while the probe was ongoing.
Taking action
In August 2021, the CMAreported its initial findings.
The CMA argued that the deal would remove a display advertising competitor in the country.
Facebook has disputed the findings.
In October, the CMA took further action.
The regulator announced that it hadfined Facebook $70 millionfor breaching an order imposed during the inquiry.
The CMA has now revealed the results of its investigation.
The regulator concluded that its concerns can only be addressed by Facebook selling Giphy to an approved buyer.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
