Cleared with remediesPhase 2

CMA case Facebook, Inc (now Meta Platforms, Inc) / Giphy, Inc: Meta / GIPHY

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.

Decision facts

Regulator: United Kingdom Competition and Markets Authority (GB)
Case number: Facebook, Inc (now Meta Platforms, Inc) / Giphy, Inc
Decision: Cleared with remedies · Phase 2
Decided: 18 October 2022
Legal basis: Enterprise Act 2002 (voluntary notification, mandatory standstill once reviewed)

Remedies

divest business GIPHY — Full divestiture of Giphy to an approved buyer. Meta sold it to Shutterstock in May 2023.

The deal under review

Acquisition closed Closed 15 May 2020

Meta acquires GIPHY

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.

Value: $315m
Buyer: Meta
Seller: —
Regulatory: Cleared with remedies

Sources (1) & corrections

Last verified 18 October 2022. Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.

[1] Facebook, Inc (now Meta Platforms, Inc) / Giphy, Inc merger inquiry — Competition and Markets Authority, Regulator decision, published 18 October 2022; retrieved 8 September 2026.

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