UK fines Facebook $70 mln over Giphy deal

UK fines Facebook $70 mln over Giphy deal

UK’s competition watchdog has fined Facebook £50.5 million ($70 million) for breaching an order imposed during its investigation into the social media company’s purchase of GIF platform Giphy.

The Competition and Markets Authority (CMA), which launched an in-depth investigation into Facebook’s $400m takeover earlier this year, said the US firm had failed to provide full updates about its compliance with requirements to continue to compete with Giphy and not integrate its operations with Giphy’s while its investigation was ongoing.

It added that Facebook had deliberately failed to comply with its order, and that the penalty served as a warning that no company was above the law.

The social media firm said it strongly disagreed with the CMA’s “unfair decision”.

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