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:marseybong: Bongs cuck Meta as Facebook parent Meta ordered to sell Giphy by UK competition regulator :!marseygigachad:

https://www.cnbc.com/2022/10/18/facebook-parent-meta-ordered-to-sell-giphy-by-uk-competition-regulator.html

Unironically a based move from the bongs.

:marseysnoo:

https://old.reddit.com/r/technology/comments/y755ue/facebook_owner_meta_ordered_to_sell_giphy/?sort=controversial

Orange Site:

https://news.ycombinator.com/item?id=33246016


Facebook parent Meta ordered to sell Giphy by UK competition regulator

Meta, the owner of Facebook, admitted defeat Tuesday after U. competition regulators issued a final verdict ordering the company to sell its animated image making unit Giphy. Citing the risk of a substantial lessening of competition in the social media and display advertising market, the Competition and Markets Authority said Tuesday that Meta must «sell GIPHY, in its entirety, to a suitable buyer.» It is not yet clear which company will step in to buy Giphy. «We will work closely with the CMA on divesting GIPHY,» the Meta spokesperson told CNBC.

«We are grateful to the GIPHY team during this uncertain time for their business, and wish them every success. We will continue to evaluate opportunities - including through acquisition - to bring innovation and choice to more people in the UK and around the world». In November, the CMA ordered Meta to divest Giphy after finding the combination of the two companies raised competition concerns. Meta tried to appeal the decision.

After a three-month review, a CMA panel ruled the deal would enable Meta to further increase its market power. Giphy has seen a decline in the number of GIF uploads in the past two years, it added. display advertising market. Meta controls nearly half of the U. «Before the merger, Giphy was offering innovative advertising services in the US and was considering expanding to other countries, including the UK,» the regulator said.

The CMA also cited the prospect of Giphy relinquishing its own ambitions in digital advertising in its decision to block the deal. Giphy had plans to launch its own ads but these were quashed by Meta after the takeover was completed in 2020, according to the regulator. The watchdog said this effectively «removed Giphy as a potential challenger in the UK display advertising market». users to secure continued access to its GIFs.

Landmark move

It is the first time a global regulator has unwound a completed deal by a Big Tech company. The CMA is seeking to become a greater force in the battle among global regulators to rein in Big Tech companies.

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>Citing the risk of a substantial lessening of competition in the social media and display advertising market

What does any of this have to do with me posting minion gifs in my group chat

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Collecting gifs of minions.

:marseywoodchipper2:

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The UK is doing more to stop the dramajannies than any other country it seems like. In the UK they have the CMA and the OFCOM. In the US, we only have the FCC, which is almost completely useless. The FCC is more useless than any other agency, even more useless than the ATF because they can actually enforce their gun laws but the FCC can't enforce their censorship laws.

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