Facebook Fined $69 Million by U.K. Authority for Breaching Order During Giphy Merger Investigation

Social media giant has been fined £50.5 million ($69.1 million) for breaching an order imposed by the U.K. Competition and Markets Authority (CMA) during its ongoing investigation into Facebook’s purchase of Giphy. The previously completed merger of Facebook and Giphy, the largest provider of GIFs and meme sharing services, ran into a potential roadblock from the CMA earlier this year. The CMA provisionally found that the merger would negatively impact competition between social media platforms, something that Facebook disagrees with. “It is standard practice to issue an initial enforcement order (IEO) at the start of an investigation into a completed… Read Full Article