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Meta, the owner of Facebook has faced defeat in the gif creation website Giphy deal as the UK competition regulator announced its verdict. This is the first time the watchdog has blocked any such deal done by a major company.
As per reports, Meta has admitted defeat in the event as the watchdog gave out its final verdict. It checked that the acquisition has reduced innovation in the advertising market.
Sell GIPHY, in its entirety, to a suitable buyer, said the Competition and Markets Authority.
