The Competition and Markets Authority, the UK’s antitrust body, has opened an investigation into Facebook’s acquisition of Giphy’s online platform.
In detail, the regulator intends to examine whether the agreement could lead to a significant reduction in competition in the UK and has stated that by March 25th it will determine whether to submit the agreement for a more in-depth investigation.
As reported by DowJones, a spokesperson for the social media giant said the company will continue to collaborate with the investigation. “This merger is pro-competitive and is in the interest of everyone who uses Giphy and our services,” the spokesperson said.
Facebook bought Giphy, a popular online platform that allows users to search for gifs, in May last year.
In June, the CMA notified its intention to open an investigation and called on the parties concerned for dialogue, in addition to issuing an order preventing the two companies from further integrating their activities.
Later, Facebook requested an exemption from the law, it was not granted, and then asked for a review of the CMA position.
In November, a competition appeals court ruling dismissed all Facebook’s appeals.