Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

The U.K.'s move to unwind Facebook's Giphy acquisition raises the prospect of a new world in which many different international regulators can block tech deals.

Why it matters: It's the first time a foreign competition authority has ordered a Big Tech company to sell off an asset.

  • The U.K. could trailblaze a "veto-like" system for global competition authorities, said Sam Bowman, director of competition policy at the International Center for Law & Economics. The EU and the U.S. are also seeking to loosen the rules for reviewing deals over competitive concerns.

Details: British regulators said the $400 million merger finalized in 2020 was anticompetitive because Facebook could theoretically increase market power by "denying or limiting other platforms' access to Giphy GIFs," or "changing the terms of access," to its GIFs for competitive sites.

  • They also said Facebook would shut down Giphy's advertising business, therefore eliminating Giphy's competition to Facebook's ad business.
  • "The CMA [the U.K.'s Competition and Market Authority] is saying, retrospectively, that 'if our gang was in charge when the Instagram and WhatsApp deals went through, we would've scrutinized it more,'" said Bowman. "This is our attempt to make amends and change the precedent."

What they're saying: "It's right in principle that the U.K. competition authority should be able to review deals, but once that becomes 100 [countries] doing the same thing, potentially almost any deal becomes unviable," Bowman said.

  • "It might embolden other competition authorities to be slightly more aggressive, but everyone is working within their own set of legal rules," added Peter Broadhurst, a London-based competition lawyer.

The other side: "We disagree with this decision. We are reviewing the decision and considering all options, including appeal. Both consumers and Giphy are better off with the support of our infrastructure, talent and resources," Meta (formerly Facebook) said in a statement.

  • Bowman said the decision could also chill startups eyeing the U.K. as a market: "In the long run, we have to think about the effects this has on startups and the next Giphy. It might say, if you are a Giphy, perhaps if you would like to be acquired, and if you want to avoid this risk, just don't supply to U.K. users."

Flashback: In 2020, the CMA blocked an airline booking software merger, finding it could result in less innovation in the market and higher fees.

What we're watching: If Meta decides to appeal, on jurisdiction and/or substance, it will go to the U.K.'s Competition Appeal Tribunal, which can re-affirm the CMA's decision or suggest an alternate remedy.

  • If Meta loses on appeal, it could choose to end services in the U.K. entirely to avoid complying, but observers view that as unlikely.

Go deeper

Jan 11, 2022 - Technology

Meta loses bid to dismiss FTC antitrust case

Illustration: Annelise Capossela/Axios

The Federal Trade Commission's antitrust suit against Meta, formerly Facebook, can move forward, a federal court ruled Tuesday.

The big picture: The same judge who dismissed an earlier version of the agency's lawsuit, filed under the Trump administration, says this time the government's case — as rewritten by the agency now led by chair Lina Khan — is good enough to try.

Starbucks drops worker vaccine mandate after SCOTUS ruling

Photo: Jakub Porzycki/NurPhoto via Getty Images

Starbucks announced in a memo to employees Tuesday that it has dropped plans to implement a vaccine mandate for all U.S. workers, AP reported on Wednesday.

Why it matters: The company's decision comes in response to the Supreme Court's ruling last week to block the Biden administration's COVID-19 vaccine-or-test requirement for large employers.

59 mins ago - Health

Omicron hits American hospitals disproportionately hard

Expand chart
Data: Our World in Data; Chart: Will Chase/Axios

America is seeing more COVID hospitalizations than other wealthy countries during the Omicron surge, according to Our World in Data.

Why it matters: Vaccines keep the vast majority of COVID cases out of the hospital, but vaccination rates are also lower in the U.S. than these other countries.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!