The UK Competition and Markets Authority is set to reverse the $315M deal, in what would be the first time the CMA has unwound a Big Tech deal. They say it's due to competition concerns, arguing that Facebook parent company Meta could cut off its rivals' access to gifs, and demand platforms like TikTok or Snapchat hand over more of their data in order to access gifs, consolidating power in Meta's hands. Link
Update: the CMA has has officially ruled that Meta's acquisition of Giphy should be unwound, a year and a half after the acquisition Link
