Meta agrees to sell Giphy, ending battle with UK regulators

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Facebook parent Meta says it will sell off Giphy after running out of options to thwart a ruling by U.K. regulators, who again found that the deal to buy the GIF-sharing platform would limit competition and innovation. Britain’s competition watchdog had ordered Meta last year to reverse the deal. The company appealed to a tribunal, which rejected most of its arguments. Meta said it’s disappointed but accepted the ruling as the final word. Meta said it would wait for more details on the divestment order and wouldn’t file another appeal, bringing to an end the drawn-out battle over the acquisition reportedly worth $400 million.