Meta/Giphy court judgment: The CMA’s controversial merger analysis survives, but its procedures don’t

Author: Tom Smith
Published: 20.06.2022
As readers of this blog know, the UK’s Competition and Markets Authority (“CMA”) blocked its first Big Tech merger in the Meta/Giphy case. Meta duly appealed to the UK’s Competition Appeal Tribunal (“CAT”) and the CAT’s judgment was issued last week. The most discussed element of the case has been the CMA’s controversial theories of “dynamic competition”. These theories were on trial and they have been upheld by the CAT with – believe it or not – “no hesitation”.  As Simay Erciyas and I argue in a recent article on this case, the CMA has given itself the ability to…