Vienna — Austria’s anti-trust court boosted social media giants on Monday after approving Facebook’s purchase of the animated image platform Giphy, stating that British watchdogs should cancel the deal.
Facebook will buy Giphy, a website for creating and sharing GIFs, a type of animated image commonly used in social media and instant messaging, for $ 315 million in 2020 to share Instagram photos. Integrated with the app.
Facebook, whose parent company recently rebranded as Meta Platforms, challenges the decision by the UK’s competitive watchdog to sell Giphy to reduce competition between social media platforms and display ads. ..
Facebook said the Austrian ruling was the first time the court had considered a deal. The transaction is too small to be investigated at the European Union level.
“The court did not ban the merger if certain conditions were met,” he said in a brief statement on the proceedings filed by the federal competition authorities.
These conditions included allowing competitors access to Giphy’s image library for five years and helping them set up an “alternative provider of GIF libraries” within seven years.
“Meta and Giphy work together to improve Giphy’s products for millions of people, companies, developers, and API (application programming interface) partners, giving everyone more choice. I’m happy with the decision of the Austrian court, “said Metaspokesperson.