- 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.
[Via]
