The U.K’s Competition and Markets Authority (CMA) in November ordered Meta to spin off Giphy, citing concerns the deal would entrench the company’s dominance in social media. The tech giant appealed the ruling, but the regulator said Tuesday it stood by the decision.
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Critics are hoping the ruling in the U.K. paves the way for other successful attempts to force the tech giants to divest parts of their businesses.
“In forcing Meta to sell Giphy, the U.K. CMA is embracing the very kind of structural remedy needed to break Meta’s monopoly power,” said Sarah Miller, executive director of the advocacy group American Economic Liberties Project.
She added, “Breaking up Big Tech is mainstream now; this is only the beginning.”
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