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A British tribunal has ended the previous decision by the British regulator that Facebook parent company Meta had to sell poison platform Giphy.
The judge ruled that the investigation on which this decision is based is not in order. The watchdog must therefore reconsider the takeover. Meta, then still Facebook, announced in 2020 that it wanted to take over gifs site Giphy.
However, the UK market regulator, the Consumer and Markets Authority (CMA), ruled that the Meta acquisition would harm competition between social media platforms. The CMA also pointed out that the acquisition meant that Giphy could not become a competitor in the advertising market. It, therefore, ruled that Meta had to sell the platform again.
Meta could not agree with the decision and appealed against the forced sale. The Competition Appeal Tribunal now agrees with Meta and states that the investigation of the market regulator is not in order. For example, the supervisor would have used certain research findings on the wrong grounds.
Some are also said to have been painted off. The tribunal, therefore, overturns the CMA’s verdict. The watchdog has already announced that it will reassess its decision on the acquisition of Giphy. The regulator expects to issue a new judgment within three months.
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