Meta will be forced to sell Giphy after UK watchdog ruling

UK's competition watchdog has ordered Meta to sell gif creation website Giphy, marking the first time the regulator has blocked a Silicon Valley deal. It said the acquisition would increase Meta's "already significant market power" as Giphy is the largest gif supplier to Snapchat, TikTok, Twitter, and other platforms. Meta, which made the acquisition 2 years ago for $400M, has agreed to sell Giphy.