UK’s competition watchdog begins probe into Facebook’s Giphy deal

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UK's competition watchdog has launched its first evaluation of Facebook Inc's completed acquisition of GIF website Giphy, in a time when the social networking network is under international regulatory scrutiny on antitrust concerns.

The world's largest social media firm purchased Giphy, a website for sharing and making animated pictures, or GIFs, in May last year to integrate it with its rapidly expanding photo-sharing app, Instagram.

But a source told journalists at our partner news agency Reuters in June that Facebook had been restarting the integration of Giphy to Instagram following the Competition and Markets Authority (CMA) served an initial enforcement order.

Governments around the world are taking a look at strengthening the regulation of technology companies that are becoming more powerful during the COVID-19 pandemic, together with the CMA saying a month that tailored rules should be utilized to govern them.

"We will continue to fully cooperate with the CMA's investigation. This merger is procompetitive and in the interests of everyone in the UK who uses GIPHY and our services," that a Facebook spokesperson said on Thursday.

The CMA said it has until March 25 to choose whether it ought to make a reference for a comprehensive evaluation.

Some advocacy groups raised concerns when the deal was declared and Facebook had subsequently said that Giphy's integrations with other societal platforms like Twitter, Snapchat and ByteDance's TikTok wouldn't change.

The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Tanishaa Nadkar in Bengaluru. Editing by Devika Syamnath.

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