The social media company has accused competition watchdog of “fundamental errors” in Giphy inquiry.
Facebook argues its merging with Giphy has not reduced competition. The social platform has also accused the Competition and Markets Authority (CMA) of publishing initial conclusions that contain “fundamental errors.”
Last month, CMA provisionally concluded that Facebook merging with Giphy – that gives users free access to GIFs – “has resulted or would result in a substantial lessening of competition (SLC) in social media and display advertising, harming social media users and businesses in the UK”. The watchdog further highlighted that Facebook’s platforms already dominate more than half of the UK’s £5.5 billion display advertising market.
Based on the watchdog’s published conclusion, CMA required Facebook to sell Giphy. But, the social giant claimed, “no remedies are required” as “the CMA [has] failed to show a substantial lessening of competition”.
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