August 14, 2022

What you need to know:

  • The Competition Appeal Tribunal (CAT) found inconsistencies in the Competition and Markets Authority (CMA) investigation.
  • The CMA failed to inform Meta of Snapchat’s acquisition of Gfycat.
  • The CAT hopes to complete its review by October.

Bloomberg reported earlier this week that the UK court forcing Meta to sell Giphy would have to re-review the case following some inconsistencies with the investigation.

In 2020, Meta finalized its deal to purchase Giphy, a gif search engine. However, Meta has been going back and forth with the UK courts since then; at one moment, Giphy was in the social media giant’s hands, only for the Competition and Markets Authority (CMA) to offer Meta to sell Giphy due to competition concerns. At the time of this decision, Meta was given two options: to file an appeal or sell Giphy.