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The Morning Hustle

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The Morning Hustle

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A 3D printed Fb’s new rebrand brand Meta is positioned on laptop computer keyboard on this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration

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Nov 28 (Reuters) – The UK competitors regulator is anticipated to dam Meta Platforms’ (FB.O) acquisition of on-line GIF platform Giphy within the coming days, the Monetary Instances reported on Monday.

The Competitors and Markets Authority is about to reverse the deal in what could be the primary time the watchdog has reversed a Huge Tech acquisition, the report stated, citing people near the matter.

Meta Platforms and the regulator didn’t reply to requests for remark from Reuters despatched outdoors working hours.

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The regulator had in October fined the U.S. social media large Fb, now Meta, 50.5 million pound ($67.35 million) for breaching an order that was imposed throughout an investigation into its buy of the GIF platform, Giphy. learn extra

Fb purchased Giphy, an internet site for making and sharing animated pictures, or GIFs, in Could final 12 months to combine it with its photo-sharing app, Instagram. The deal was then pegged at $400 million by Axios.

($1 = 0.7499 kilos)

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Reporting by Sneha Bhowmik in Bengaluru; Enhancing by Uttaresh.V

Our Requirements: The Thomson Reuters Trust Principles.

— to www.reuters.com

The post UK regulator set to block Meta’s Giphy deal – FT appeared first on Correct Success.


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