LONDON (ShareCast) - (Sharecast News) - Facebook parent Meta had lodged an appeal against the Competition and Markets Authority (CMA), after the regulator decided to block its 2020 acquisition of animated image sharing platform Giphy.
The CMA ruled last year that Facebook - now Meta - needed to sell Giphy after finding that the $400m acquisition would reduce competition in the display advertising market.

In its decision, the competition watchdog said the remedies offered by Meta through the course of its investigation did not satisfy its concerns.

On Wednesday, the Competition Appeal Tribunal released a summary of Meta's application to appeal.

According to the summary, Meta claimed the CMA had not properly considered its offer to ensure Giphy would continue to provide service to competitors on the same terms.

Meta also claimed that the CMA's procedure in reaching its decision to block the transaction was flawed.

The document published by the tribunal showed that Meta was seeking an order to quash the CMA's decision entirely, and was also seeking costs from the regulator.

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