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<p>I examine the Facebook-Giphy merger which the UK Competition and Markets Authority (CMA) blocked in 2022. The CMA’s decision marks the first time that an antitrust agency has blocked a big tech acquisition and suggests that at least some antitrust agencies are willing to take a tougher stance on mergers in the digital sector. The decision has a number of interesting features that I discuss in the paper.</p>

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The Facebook-Giphy Merger

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2025年12月6日

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  • Yossi Spiegel

摘要

I examine the Facebook-Giphy merger which the UK Competition and Markets Authority (CMA) blocked in 2022. The CMA’s decision marks the first time that an antitrust agency has blocked a big tech acquisition and suggests that at least some antitrust agencies are willing to take a tougher stance on mergers in the digital sector. The decision has a number of interesting features that I discuss in the paper.