Meta Agrees To Pay $2M Penalty To British Regulator

Britain's Competition and Markets Authority penalized Meta Platforms Inc FB £1.5 million ($2 million) over new issues regarding its purchase of Giphy, Reuters reports.
The CMA ordered Meta to sell animated images platform Giphy, which Mark Zuckerberg-led Facebook had acquired for a reported $400 million in May 2020, after concluding that remedies offered by the U.S. company did not answer CMA concerns over the impact of digital advertising.
CMA said Meta had failed to comply with certain aspects of its requirements regarding the handling of Giphy, with the U.S. firm failing to notify the U.K. regulator that crucial staff had left Meta.
Related Content: Facebook Acquires Giphy, Reportedly For $400M
The CMA fined Facebook £50.5 million over other breaches in October and ordered Meta to sell Giphy. Meta is appealing the ruling to sell.
Meta did not agree with the CMA's latest fine but would pay it.
Price Action: FB shares traded higher by 0.53% at $239.01 in the premarket session on the last check Friday.