U.K. WATCHDOG SET TO BLOCK META’S PURCHASE OF GIPHY

The U.K. competition regulator is expected to block Meta Platforms’ acquisition of online GIF platform Giphy in the coming days, the Financial Times reported Monday. The Competition and Markets Authority is set to reverse the deal in what would be the first time the watchdog has reversed a Big Tech acquisition, the report said, citing individuals close to the matter. The regulator had in October fined Facebook, now Meta, 50.5 million pounds (US$67.35 million) for breaching an order imposed during an investigation into its purchase of the GIF platform, Giphy. Facebook bought Giphy, a website for making and sharing animated images, or GIFS, in May last year to integrate it with its photo-sharing app, Instagram. The deal was then pegged at US$400 million by Axios