The Competition and Markets Authority said its investigation found the acquisition would hurt competition among social media platforms because there’s only one other big provider of GIFs, Google’s Tenor.
Giphy’s library of short looping videos, or GIFs, are a popular tool for internet users sending messages or posting on social media.
The deal will also reduce digital advertising competition by removing a potential rival from the market, the watchdog said. It started looking into the acquisition last year, shortly after Facebook announced its plan to acquire Giphy in a deal reportedly worth $400 million.
The acquisition also faces scrutiny from regulators in Australia and Austria, underlining concerns about how such acquisitions can affect competition in local markets.
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