Facebook fined $70 million for withholding information about Giphy acquisition

facebook fined $70 million for withholding information about giphy acquisition

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A UK watchdog has fined Facebook £50 million ($70 million USD) for purposely concealing information about its Giphy acquisition (via TechCrunch). Facebook began its $400 million acquisition of Giphy in 2020, and even members of Congress thought it was a bad idea.

The company’s dealings with the massive GIF-making hub were called out by UK regulators in August, leading the Competition and Markets Authority (CMA) to launch an antitrust probe. As part of the investigation, the CMA issued an initial enforcement order (IEO) that prohibits any further integration between Facebook and Giphy, which is supposed to allow the companies to continue competing as if there was no acquisition at all.

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