Documents have revealed the basis of Meta’s appeal against a British regulator’s decision that it should sell GIPHY. Reuters has summed up the key points raised by Facebook’s parent company in appeal against the Competition and Markets Authority (CMA) decision.
The Competition Appeal Tribunal on Wednesday published a summary of Meta’s application, outlining its challenge on six grounds. The U.S company, which owns Instagram and WhatsApp as well as Facebook, said the CMA had failed to assess its offer to ensure Giphy could continue to provide services to competitors like Snapchat and TikTok on the same terms. The regulator’s decision was also procedurally flawed, Meta said. The CMA ordered Meta to sell Giphy, which it acquired for a reported $400 million in May 2020, in November after it decided the remedies offered by the U.S. company did not answer its concerns.
