Meta, the new name of Facebook, should not take over GIPHY from the British Competition Authority CMA. GIPHY is a database of gif animations for social media and chat apps. This allows users to spice up chat conversations or messages on social media. The animations can also be used for advertising.
Meta bought GIPHY in May last year, reportedly for $ 400 million (about 340 million euros). The acquisition made sense: half of all animations sent from GIPHY appear on the company’s apps or websites.
According to the Financial Times, the competition authority is planning to reverse the deal. It would be the first time that the CMA has done so, according to a report that the newspaper has seen.
Meta and the CMA haven’t responded to the news yet. It is expected that more details will be announced in the coming days.