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Let’s be honest, the competition watchdog shouldn’t care about Meta buying Giphy

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City AM

By Elena Siniscalco On Tuesday, the Competition and Markets Authority (CMA) blocked Meta’s acquisition of Giphy, a gif search engine. This ruling risks undermining London’s status as the digital capital of Europe — threatening innovation, job creation and economic growth. And yet, they did it anyway. The CMA had two justifications for blocking the acquisition. The first was that Meta “could” block other platforms’ access to gifs, and therefore limit their ability to compete with Meta’s dominant position in social media. In fact, Meta made the acquisition to improve user experience, by ensuring…

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