UK competition regulator orders Meta to sell Giphy

As rumored, the UK's Competition and Markets Authority (CMA) has ordered Meta (Facebook) to sell Giphy, saying the deal "could harm social media users and UK advertisers." It found that the deal would boost Meta's already prodigious market power by limiting other platforms' access to Giphy GIFs, "driving more traffic to Facebook owned sites — Facebook, WhatsApp and Instagram."