I joined Forbes as the Europe News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Prior to joining Forbes, I worked for the news agency Storyful as its Asia Editor working from its Hong Kong bureau, and as a Senior Editor in London, where I reported on breaking news stories from around the world, with a special focus on how misinformation and disinformation spreads on social media platforms. I started my career in London as a financial journalist with Citywire and my work has appeared in the BBC, Sunday Times, and many more UK publications. Email me story ideas, or tips, to [email protected], or Twitter @_iainmartin.
Facebook could be forced to sell Giphy after the U.K.'s antitrust regulator warned that the $400 million deal could harm competition between social networks.The United Kingdom’s competition watchdog has warned that Facebook could be forced to sell the GIF search engine and database Giphy.
The CMA’s ruling is provisional and will be confirmed in October but its recommendation was that Facebook unwind the deal and sell Giphy. The ruling is a setback for the world’s largest social network and marks a major milestone in a global pushback against Silicon Valley’s tech giants over antitrust concerns.
The CMA announced in June that it planned to investigate Facebook’s takeover of Giphy over concerns it could lock out rival social networks like TikTok, Snapchat and Twitter from Giphy’s archive of millions of short looping animations that have become a form of social media shorthand. Facebook had promised that rival social networks would continue to have access to Giphy but said at the time of the deal it planned to roll the New York-based startup into its Instagram team.
The ruling comes as antitrust regulators in the U.K., Europe and the United States have taken a tougher stance on takeover particularly involving Silicon Valley’s tech giants. Facebook in June won aagainst the FTC over two monopoly lawsuits that sought to unwind its takeover of Instagram and Whatsapp.
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