Update (12PM CET, November 30, 2021): Updated to include the CMA’s decision. Meta, the corporate conqueror formerly known as Facebook, looks set to lose a chunk of its gargantuan empire. The UK’s competition regulator has ordered the company to sell GIF platform Giphy as the takeover “could harm social media users and UK advertisers.” We’ve directed #Facebook to sell Giphy after finding the takeover could reduce competition between social media platforms and increase Facebook’s already significant market power. pic.twitter.com/yRaPxMR43z — Competition & Markets Authority (@CMAgovUK) November 30, 2021 The move, which marks the first time that the Competition and Markets Authority…

This story continues at The Next Web

Or just read more coverage about: Giphy