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UK fines Facebook £50.5 mn over takeover

20 Oct, 2021
The logo for Facebook appears on screens at the Nasdaq MarketSite in New York's Times Square. AP Photo
The logo for Facebook appears on screens at the Nasdaq MarketSite in New York's Times Square. AP Photo

LONDON: Britain's competition watchdog said Wednesday it had fined Facebook more than £50 million for failing to supply information linked to its takeover of Giphy.

The Competition and Markets Authority said the fine totalling £50.5 million ($69.5 million, 60 million euros) was imposed for "consciously refusing to report all the required information" concerning the takeover of the animated graphics startup it bought last year.