BRIEF-UK's Competition and Markets Authority Directs Facebook To Sell Giphy

UK's Competition and Markets Authority: * COMPETITION AND MKTS - CMA DIRECTS FACEBOOK TO SELL GIPHY

* CMA REQUIRES FACEBOOK (WHICH HAS RECENTLY RENAMED ITSELF 'META') TO SELL GIPHY, * CMA DIRECTS FACEBOOK TO SELL GIPHY

* CMA: INDEPENDENT CMA PANEL CONCLUDED FACEBOOK WOULD BE ABLE TO INCREASE ITS ALREADY SIGNIFICANT MARKET POWER IN RELATION TO OTHER SOCIAL MEDIA PLATFORMS * CMA: CONCLUDED THAT ITS COMPETITION CONCERNS CAN ONLY BE ADDRESSED BY FACEBOOK SELLING GIPHY IN ITS ENTIRETY TO AN APPROVED BUYER

* CMA: CMA FOUND THAT GIPHY'S ADVERTISING SERVICES HAD POTENTIAL TO COMPETE WITH FACEBOOK'S OWN DISPLAY ADVERTISING SERVICES * CMA: FACEBOOK TERMINATED GIPHY'S ADVERTISING SERVICES AT TIME OF MERGER, REMOVING IMPORTANT SOURCE OF POTENTIAL COMPETITION, CMA CONSIDERS THIS PARTICULARLY CONCERNING

* CMA DIRECTS FACEBOOK TO SELL GIPHY Source text for Eikon: Further company coverage:

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