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Meta takes loss in Giphy sale after UK deal veto

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="People stand in front of a Meta sign at the headquarters of Meta Platforms Inc., formerly named Facebook, Inc., in Menlo Park, California, USA, Nov. 8, 2022. John G. Mabanglo, EPA-EFE/File " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/life/11/09/20221109-people-stand-in-front-of-a-meta-sign-epa-efe.jpg"/><figcaption>People stand in front of a Meta sign at the headquarters of Meta Platforms Inc., formerly named Facebook, Inc., in Menlo Park, California, USA, Nov. 8, 2022. <em>John G. Mabanglo, EPA-EFE/File </em></figcaption></figure></div><p>WASHINGTON — Facebook owner Meta has sold animated graphics firm Giphy at a significant loss after the UK competition regulator ordered it to divest the startup over competition concerns.</p><p>Stock photography giant Shutterstock on Tuesday said it paid $53 million in cash for Giphy in a deal that came months after the divestment order by Britain&#x27;s Competition and Markets Authority (CMA).</p><p>Meta&#x27;s purchase of Giphy in May 2020 was announced for $315 million.</p><p>Giphy is a platform and search engine for &quot;stickers&quot; and other products using the graphics interchange format, or GIFs.</p><p>Since the UK left the European Union in 2020, the CMA has proven to be one of the toughest antitrust regulators of big tech companies.</p><p>The CMA last month blocked Microsoft&#x27;s $69-billion takeover bid for US video game giant Activision Blizzard over concerns it could kill competition in the fast-growing cloud gaming market.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/06/23/missing-media-on-facebook-messenger-fixed-meta">Meta says missing media on Facebook Messenger &#x27;fixed&#x27;</a></li>	<li><a href="https://news.abs-cbn.com/business/02/10/23/meta-completes-virtual-reality-deal-after-us-court-win">Meta completes virtual reality deal after US court win</a></li>	<li><a href="https://news.abs-cbn.com/business/02/21/23/meta-subscriber-plan-risks-digital-divide-say-critics">Meta subscriber plan risks digital divide, say critics</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1790431" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Facebook owner Meta has sold animated graphics firm Giphy at a significant loss. 