meta: UK court overturns Meta-Giphy deal block, regulator to re-evaluate decision
Britain's Competition and Markets Authority (CMA) last year ordered Meta to sell animated image platform Giphy, which it acquired for a reported USD400 million, because of its concerns about a possible loss of a competitor in advertising and the potential impact on social media rivals.
Last month, the US tech giant partially won an appeal against the regulator, when Britain's Competition Appeals Tribunal (CAT) said that the CMA had "failed properly to consult" and had "wrongly excised portions from its decision."
The CAT said it had quashed the regulator's ruling and referred the matter back for a new decision.
In response, the CMA said the tribunal had endorsed its approach to reviewing mergers that might harm innovation, but had agreed to reconsider its ruling.
"We will commence our review shortly," it said.
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