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After the British Competition Authority’s decision, Meta sells Jiffy at a staggering loss


“Meta” sold its company specializing in motion pictures, “Jivi”, as part of a process that incurred a loss of about $ 260 million, after a decision by the British Competition Authority in this direction.

Shutterstock, which provides image-related services, announced on Tuesday that it had acquired Giphy for $53 million, while Meta paid $315 million to buy it in May 2020, according to the British Competition Authority.

The authority considered that the purchase of “Meta” for this company may harm advertisers on the Internet and users alike, and issued a first order to sell “Givey”.

A fine of about 51 million pounds for “Meta”

In October 2021, the British Competition Authority imposed a fine of 50.5 million pounds on Meta as part of the merger deal with Givi, due to the giant network moving forward with the process of merging the two companies despite the ongoing investigation in the file.

And in June 2020, the authority issued an order to stop the merger between “Facebook” and “Givey”, and the value of the deal between them in May 2020 was estimated at $400 million.

European standard fine

Meta was fined a record 1.2 billion euros ($1.3 billion) on Monday for transferring data of users in the European Union to the United States, in violation of an earlier court ruling, the Irish regulator said Monday.

The Irish Data Protection Commission, acting on behalf of the European Union, said the European Data Protection Board had ordered it to collect an “administrative fine of €1.2 billion” and Meta said it would appeal the decision.

Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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