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Facebook fined £50.5m for breaching order in Giphy takeover investigation
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Facebook has been fined £50.5m for breaching an order imposed by the UK competition regulator during its investigation into the purchase of gif creation website Giphy.
The Competition and Markets Authority, which launched an in-depth investigation into Facebook’s $400m (£290m) takeover deal earlier this year, said that the social networking giant “deliberately” refused to supply information proving that it was complying with an initial enforcement order (IEO).
An IEO forces a company to stop any further integration of a business that has been acquired, and to allow it to compete as it would have pre-merger, until the CMA completes its investigation.
“This should serve as a warning to any company that thinks it is above the law,” said Joel
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