Cleared with remediesPhase 2
The United Kingdom Competition and Markets Authority cleared, subject to remedies, Meta's acquisition of GIPHY on 18 October 2022 (case Facebook, Inc (now Meta Platforms, Inc) / Giphy, Inc).[1]
The Competition and Markets Authority ordered Meta to sell Giphy, a transaction that had already completed, after finding the acquisition harmed competition in display advertising and in the supply of animated images. Meta appealed, lost on the substance, and sold Giphy to Shutterstock for a small fraction of what it had paid. Unwinding a completed acquisition is rare.
Meta acquired Giphy for a reported $315 million without notifying the British competition regulator in advance, which it was not required to do. The Competition and Markets Authority opened an inquiry after the fact and ultimately ordered the acquisition unwound.
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
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