Meta said last month it had lodged an appeal against the
decision by the Competition and Markets Authority (CMA) to block its 2020
acquisition of Giphy.
It was the first time the British regulator had blocked a
major digital acquisition, and it signalled a step change in its scrutiny of
"big tech" companies.
The Competition Appeal Tribunal on Wednesday published a
summary of Meta's application, outlining its challenge on six grounds.
The US company, which owns Instagram and WhatsApp as well as
Facebook, said the CMA had failed to assess its offer to ensure Giphy could
continue to provide services to competitors like Snapchat and TikTok on the
same terms.
The regulator's decision was also procedurally flawed, Meta
said.
The CMA ordered Meta to sell Giphy, which it acquired for a
reported $400 million in May 2020, in November after it decided the remedies
offered by the US company did not answer its concerns. © Reuters
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