Our, Mr. Dan Johnson was just sitting by the River Thames with his lunchtime baguette – when he chose to post a news story by way of a bookmark / news clipping – designed to encourage him to investigate the relevant matter a little more.
The post was largely a reflection of ‘surprise’ as to quite how dominant Facebook was in social media – not an in-depth insight into the matter(!)
Meta told to sell Giphy by U.K. Regulator
So further investigation reveals that the U.K.’s Competition and Markets Authority (CMA) has been ‘actively’ engaged with ‘Facebook’ for a considerable amount of time.
Prior to Brexit, the CMA would almost certainly have deferred to the European Union’s (EU) competition authorities – on the basis that the merger’s effects (between two American incorporated multi-national businesses) would have ‘European effects’ – and the EU would have had ‘jurisdiction’ over the merger (from a Europe wide perspective).
Post-Brexit, it seems that the CMA will assert its legal rights to review the UK aspects of international mergers.
So the question in our mind – is why ‘Facebook’ (or its legal advisors) didn’t take account of the potential for the CMA to become involved in the U.K.
There is some considerable evidence of complete arrogance on ‘Facebook’s behalf – In that after the CMA became involved, its rulings were simply ignored by ‘Facebook’.
Our view is that ‘Facebook’ (and its legal advisors) simply didn’t realise that post-Brexit – they needed to take account of the UK competition authorities!
We’d be interested if anyone disagrees with our view (or has anything to add to the discussion)
More Background Is Available At: CMA-orders-meta-to-sell-giphy – Press Release
With Kind Regards and My Very Best Wishes
Founding Principal – and – Business Law Solicitor
+44 (0) 20 8780 3319 : London D.D. Landline Tel.
www.EquitableLaw.com – Solicitors For Business