The UK’s Competition and Markets Authority (CMA) slapped a further £1.5 million fine on Meta Platforms relating to an acquisition of graphics maker Giphy, which the social media group has since been ordered to sell.
Meta Platforms again failed to comply with conditions of an Initial Enforcement Order the CMA imposed during the acquisition, the regulator stated.
The CMA had already fined Meta Platforms £50 million for failing to provide it with regular updates outlining its compliance with the order.
This time, the CMA explained Meta Platforms had not notified it of material changes to the business including the resignations of key staff and also failed to seek consent before rehiring or redistributing employee responsibilities.
“Meta failed on both accounts following the resignation of three key employees and the reallocation of their roles. These three individuals had previously been included on a list of key staff provided to the CMA by Meta, reflecting their importance,” the regulator stated.
In November 2021, the watchdog ordered Meta Platforms to sell Giphy following a long-running investigation, ruling the tie-up reduces competition in the social media and display advertising markets.Subscribe to our daily newsletter Back