Meta-Giphy Deal Likely To Face UK Regulatory Headwind

The Competition and Markets Authority (United Kingdom looks to reverse the Meta Platforms Inc's FB acquisition of online gif platform Giphy, Financial Times reports.
The U.K. competition watchdog has been investigating the deal since June 2020.
In August, the CMA provisionally ruled Meta to sell Giphy due to competition concerns.
CMA argued Meta could cut off its rivals' access to gifs and demand platforms like TikTok or Snap Inc SNAP Snapchat hand and remove a Meta competitor from the U.K. display advertising market. Meta has until December 1 to make a final call.
Facebook controls 40% - 50% of the U.K. display advertising market.
Related Content: U.K. Antitrust Law Could Jeopardize Facebook's Giphy Acquisition: Report
Price Action: FB shares traded higher by 1.30% at $337.45 in the premarket session on the last check Monday.