Facebook Might Need To Sell Giphy Amid UK Crackdown on Platform
If you've sent GIFs to your family and friends on Facebook or Instagram, then you might be familiar with Giphy. Giphy is a database of GIFs that was bought by Facebook for US$400 million (approximately S$543.22 million) in May 2020.
As U.K. regulators consider the Facebook-Giphy acquisition to be anticompetitive, Facebook might have to reverse the deal. This means that Facebook could be forced to sell Giphy, as the U.K.’s Competition and Markets Authority (CMA) stated in its findings on the two companies.