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Analysis reveals the CMA's antitrust ruling against Facebook-Giphy merger, indicating a stricter approach to digital acquisitions.
I examine the Facebook-Giphy merger which the UK Competition and Markets Authority (CMA) blocked in 2022. The CMA’s decision marks the first time that an antitrust agency has blocked a big tech acquisition and suggests that at least some antitrust agencies are willing to take a tougher stance on mergers in the digital sector. The decision has a number of interesting features that I discuss in the paper.
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Yossi Spiegel (2025) studied this question.
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