Facebook’s acquisition of the popular site Giphy will face an in-depth investigation from UK antitrust regulators, according to recent reports.
MarketWatch reports that Facebook’s acquisition of the GIF site Giphy is facing an in-depth antitrust investigation from the UK’s Competition and Markets Authority (CMA). The investigation was reportedly launched after Facebook failed to make a number of concessions to address competition concerns.
Facebook Acquired Giphy in May 2020 in a $400 million deal with the initial intention of integrating the site into Instagram, according to a report from Axios. The CMA stated on Thursday that it had referred the merger for an in-depth “second phase” investigation with a September 15 deadline.
The CMA began probing the deal in June of last year and launched an initial investigation in January of this year. On March 25, regulators stated that it was possible Facebook’s acquisition of Giphy “has resulted or may be