Meta faces hefty EU antitrust fine over classified ads practices, FT reports

EU flag and Meta logo are seen in this illustration taken, May 22, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) - Meta Platforms Inc is facing a hefty fine in the EU over its alleged efforts to dominate the classified advertising market, the Financial Times reported on Wednesday, citing people familiar with the matter.

EU regulators will claim Facebook's parent company links its free Marketplace services with the social network in an effort to undermine its rivals, the newspaper said.

The bloc's decision could come as early as next month and would mark one of the final investigations overseen by the EU's outgoing competition chief Margrethe Vestager, the report said.

Meta and the bloc did not immediately respond to Reuters requests for comments.

(Reporting by Maria Ponnezhath and Rhea Rose Abraham in Bengaluru; Editing by Nivedita Bhattacharjee)