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.
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