The UK competition watchdog has fined Facebook £50.5m for a “major breach” of an order relating to its 2020 purchase of video file search engine Giphy, in its largest penalty by far for such a violation.
The Competition and Markets Authority has been looking into the $400m transaction since June 2020, shortly after the deal was announced.
In August the regulator called for the social network to sell Giphy in a provisional ruling, marking the first time the CMA has moved to unwind a big tech deal.
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