UK competition watchdog orders Facebook to sell off Giphy

By KELVIN CHAN
AP Business Writer

LONDON (AP) — The United Kingdom’s antitrust watchdog has blocked Facebook’s acquisition of Giphy and ordered the social network to sell off the GIF-sharing platform. It said Tuesday that the deal hurts social media users and advertisers by stifling competition for animated images. The Competition and Markets Authority says the deal would let Facebook “increase its already significant market power” by denying or limiting other platforms’ access to Giphy GIFs and drive traffic to Facebook owned sites. It’s the first time the watchdog has sought to unwind a tech deal.