https://safirsoft.com Facebook Giphy fined $70 million for not cooperating with investigation

What happened? Facebook has been fined $70 million (50 50.5 million) for refusing to cooperate with UK competition regulators after requesting information about the acquisition of GIF sharing platform Giphy. The fine was issued only after several warnings from the UK Competition and Markets Authority (CMA).

Facebook bought Giphy for an unknown amount over a year ago, but some reports claim that the deal was worth about $400 million. Immediately after the acquisition, Britain's antitrust watchdog launched an investigation into the merger as it might affect competition in different markets. At the start of the investigation, the CMA also issued an initial executive order (IEO), preventing the transfer of assets and employees between companies and the integration of Giphy into any Facebook product.

To ensure Facebook's compliance with the IEO, UK regulators have asked Facebook to provide them with regular updates. It appears that Facebook has not done so, despite numerous warnings from the CMA. Facebook's actions led the UK watchdog to conclude that the tech giant had "intentionally refused to provide all requested information" and "willfully failed to comply" with a $70 million fine. "Facebook has warned us that refusing to provide us with critical information is a violation of the order, but even after losing the appeal in two," said Joel Bamford, Facebook's chief integration officer. In a separate court, Facebook ignored its legal obligations. CMA.

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Facebook Giphy fined $70 million for not cooperating with investigation
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