Meta, Facebook’s parent company, is planning on selling Giphy just 2 years after it purchased it due to the UK competition watchdog ordering Meta to do so.
Why Is Meta Selling Giphy?
Meta was informed in November by the Competition and Market Authority that the only way they could resolve the competition issue was to sell Giphy.
They would have to sell to a social media platform like Snapchat, TikTok, or Twitter.
Meta bought Giphy two years ago for $400 million.
Meta did appeal this decision, but the decision was upheld.
On Tuesday, the company stated that they would accept this decision and now start the process of selling Giphy.