World News | UK Regulators Investigate Facebook's Purchase of Giphy
Get latest articles and stories on World at LatestLY. British regulators have opened an investigation into Facebook's recent purchase of Giphy over concerns that it will stifle competition.
London, Jun 13 (AP) British regulators have opened an investigation into Facebook's recent purchase of Giphy over concerns that it will stifle competition.
The Competition and Markets Authority said Friday it's examining the deal over concern it will result in “substantial lessening of competition in any market or markets in the United Kingdom.”
The social network acquired Giphy last month in a deal reportedly worth $400 million. Giphy is a popular tool for creating the animated images known as GIFs that pepper conversations around the internet. Facebook has said it wants to integrate Giphy into Instagram but the authority ordered the companies to keep their businesses separate during the investigation.
At the time of the deal, about half of Giphy's traffic came from Facebook's apps, which also include Messenger and WhatsApp. (AP)
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)