Home Technology Meta: new fine in the United Kingdom for the acquisition of Giphy

Meta: new fine in the United Kingdom for the acquisition of Giphy

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The British competition police (CMA) has imposed a new fine of 1.5 million pounds on Meta, the parent company of Facebook, for failing to meet its obligations in the context of its merger with Giphy. In October, Meta had already received a first fine of 50.5 million pounds.

Another fine for Meta in the UK

According to the CMA, this new fine is linked to the fact that Meta did not declare “the resignation of three employees occupying key positions” or “the reassignment of their posts”, while the company was under an obligation to do so as part of the regulator’s investigation into the merger. “This is not the first time that Meta has failed to notify the CMA in a timely manner of personnel changes, which has happened several times in 2021”, the regulator added in a statement. The fine “take into account the nature and seriousness of the offence”. According to Meta, the employees in question were based in the United States.

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“We regret the CMA’s decision to fine us for the voluntary departure of US-based employees”, said a spokesperson for Meta, adding that the company would however pay what is asked of it.

Facebook announced in May 2020 the acquisition of Giphy estimated at 400 million dollars, with the aim of integrating Instagram’s immense library of Giphy. The CMA had ordered Facebook to separate from Giphy in late November, saying the merger risked harming online advertisers and users alike. The social media giant has appealed this decision, which will be reviewed at the end of April by the British courts.

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