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Facebook parent Meta admits defeat after $400 million Giphy deal blocked by UK regulators

The logos of Facebook and Giphy.
Aytac Unal | Anadolu Agency via Getty Images

Meta

Citing the risk of a substantial lessening of competition in the social media and display advertising market, the Competition and Markets Authority said Tuesday that Meta must “sell GIPHY, in its entirety, to a suitable buyer.”

A Meta spokesperson wasn’t immediately available for comment when contacted by CNBC.

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