RTTNews | Nov 30, 2021 05:19AM EST

05:19 Tuesday, November 30, 2021 (RTTNews.com) - The Competition and Markets Authority in the UK has concluded that Facebook's acquisition of Giphy would reduce competition. The CMA found that Giphy's advertising services had the potential to compete with Facebook's own display advertising services. Facebook terminated Giphy's advertising services at the time of the merger.

The CMA has concluded that its competition concerns can only be addressed by Facebook selling Giphy in its entirety to an approved buyer.

"Without action, it will also allow Facebook to increase its significant market power in social media even further, through controlling competitors' access to Giphy GIFs," stated Stuart McIntosh, Chair of the independent inquiry group.

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