HomeNewsFacebook fined $70 million in UK over Giphy merger breach
Facebook fined $70 million in UK over Giphy merger breach
The U.K.’s competition regulator fined Facebook Inc. 50.5 million British pounds, equivalent to $69.6 million, alleging it breached reporting requirements during a continuing review of its proposed takeover of Giphy, a provider of animated images for use in social media.
Facebook bought Giphy in May 2020, paying $315 million, according to documents published as part of the CMA’s merger review.
When Facebook bought Giphy last year, the company said it planned to integrate it into Instagram and other apps.