Thursday December 09, 2021

UK fines Facebook over Giphy takeover breach

October 21, 2021

London: Britain’s competition watchdog said on Wednesday it had fined social network giant Facebook over £50 million for a “deliberate” failure to supply information linked to its takeover of animated graphics startup Giphy.

The Competition and Markets Authority said the fine totalling £50.5 million ($69.5 million, 60 million euros) was imposed for “consciously refusing to report all the required information” concerning the purchase last year.

“We warned Facebook that its refusal to provide us with important information was a breach of the order but, even after losing its appeal in two separate courts, Facebook continued to disregard its legal obligations,” Joel Bamford, senior director of mergers at the CMA, said in a statement.