Dec 01, 2021 02:09 AM (GMT+8) · EqualOcean
Financial Associated Press, December 1 (Xinhua) on November 30 local time, the British market regulator ordered the American social media giant Facebook (now known as "Yuan" company) to sell the dynamic map search platform giphy acquired last year, on the grounds that the transaction hinders fair competition and damages the interests of users and advertisers. Facebook acquired giphy in May last year, with a transaction amount of $400 million according to media reports. After the acquisition, Facebook integrated giphy into its picture and short video sharing platform "instagram". The UK competition and market authority said that through this acquisition, Facebook can prevent other social media companies from using the dynamic map resources of the giphy platform, and lead more traffic to their own platform, so as to "expand the already strong market strength of (Facebook)".