Facebook slams UK antitrust watchdog over call to sell Giphy
Facebook has criticized the U.K. competition watchdog’s provisional order to sell off Giphy because the acquisition stifles competition for animated images.
Facebook y questioned if the Competition and Markets Authority’s call to sell Giphy is effective or enforceable.
Giphy’s library of short looping videos, or GIFs, are a popular tool for internet users sending messages or posting on social media.
The watchdog opened an investigation after Facebook announced the deal reportedly worth $400 million. It found that the acquisition would hurt competition for GIFs among social media platforms and in the digital advertising market.