United Kingdom: Judgment issued in Facebook's (Meta) appeal of CMA's order to sell Giphy
Compare with different regulatory event:
Description
Judgment issued in Facebook's (Meta) appeal of CMA's order to sell Giphy
On 14 June 2022, the Competition Appeal Tribunal has issued its judgments in the Meta Platforms, Inc's (previously Facebook, Inc) appeal against the CMA's imposition to sell Giphy, which had been acquired by Facebook in May 2020. Meta appealed the CMA's decision on six grounds, including that Giphy would not have become a meaningful display advertising competitor to Facebook in the UK, that the decision was procedurally flawed, contradictory, and that the remedy imposed was disproportionate and lacked a satisfactory legal basis. The Tribunal dismissed all of Meta's grounds, except for part of the fourth, procedural, ground. As a result, the Tribunal has invited the parties to make further submissions on whether the decision should be remitted.
Original source