Facebook slapped with £50.5 million fine over Giphy acquisition
(Android Central)

Facebook is accused of hiding information about its Giphy acquisition on purpose. What you need to know Facebook was fined in the UK for failing to provide full information related to its Giphy acquisition. UK regulators imposed a £50.5 million fine on the company due to its failure to submit updates about whether it halted further integration with Giphy after purchasing it. The social media giant has been accused of deliberately breaking that order. The UK`s competition watchdog has fined Facebook £50.5 million (approximately $69.7 million) for failing to submit the necessary information about its Giphy acquisition, marking the first time a company violated such a merger policy. The UK`s Competition and Markets Authority (CMA) said it fined Facebook for violating an initial enforcement order (IEO) that had been in place since June of last year, when the regulators launched an investigation into the company`s $400 million acquisition of Giphy. The order was intended to preven...