Since purchasing the well-known GIF site Gify, Meta has been at odds with the UK’s Competition and Markets Authority (CMA). The attempt by the authorities to make Meta sell it has been resisted. Bloomberg reports that the CMA must now reevaluate Meta’s forced sale of Gify (via Engadget ).
Large corporations frequently get acquired by even larger corporations, which never really sits well with the government. For instance, the FTC paid attention to Microsoft’s acquisition of Activision Blizzard. Additionally, the CMA is currently investigating the transaction.
The CMA must now review the forced sale of GIFy by Metas. Most of the time, it appeared like Meta would have to sell Gify in order to comply with the CMA’s desires. The corporation was sued over the issue, and on five out of six charges, the UK Competition Appeal Tribunal decided in favor of the CMA.
Advertisement The fact that Meta won the most recent count is what’s keeping this acquisition alive. The CMA omitted to mention that Snapchat owns Gfycat, a sizable GIF repository, throughout the decision. Why can’t Meta own its own GIF platform, the argument goes, if Snapchat can?
The CMA must provide evidence for that. This mistake necessitates that the CMA reassess its argument and go back to the drawing board. According to a CMA representative, we have agreed to review our decision in light of this discovery.
It will take a few months before anything truly happens, as with any legal dispute. The CMA stated that it aims to complete this procedure in the following three months. After that is through, the owner of Facebook will once more be in the spotlight.
Advertisement It may be the argument over whether Meta should sell Gify when the two sides meet back in court. We can only speculate as to whether Snapchat would be the next to go if the corporation is forced to sell Gify.