 "Meta calls UK tech watchdog's Giphy decision 'irrational', 'inconsistent'")
Meta Platform’s accused the UK’s antitrust watchdog of being “inconsistent” and “irrational” when it found that GIF search engine Giphy was a competitor in the display advertising sector.
Lawyers for Meta argued at the start of a London trial that despite the Competition and Markets Authority reviewing over 280,000 documents from the merging parties, not one showed them to compete in the ad market globally or in the UK. The tech giant is attempting to overturn the CMA’s order to unwind the $315-million deal. Nobody apart from Meta was prepared to pay an acceptable price for Giphy, the lawyers said in court documents prepared for the four-day trial. There had been no other serious offers made for Giphy during “extensive outreach” to potential purchasers by JP Morgan in November 2019.
Snap was contemplating a bid for Giphy and made an informal, verbal offer for the company valued at $142 million, Daniel Jowell, Meta’s lawyer, said during the hearing on Monday. Snap has subsequently bought rival-GIF search engine Gfycat, he said.
Lawyers for Meta argued at the start of a London trial that despite the Competition and Markets Authority reviewing over 280,000 documents from the merging parties, not one showed them to compete in the ad market globally or in the UK. The tech giant is attempting to overturn the CMA’s order to unwind the $315-million deal. Nobody apart from Meta was prepared to pay an acceptable price for Giphy, the lawyers said in court documents prepared for the four-day trial. There had been no other serious offers made for Giphy during “extensive outreach” to potential purchasers by JP Morgan in November 2019.
Snap was contemplating a bid for Giphy and made an informal, verbal offer for the company valued at $142 million, Daniel Jowell, Meta’s lawyer, said during the hearing on Monday. Snap has subsequently bought rival-GIF search engine Gfycat, he said.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%