Global site navigation

Meta completes virtual reality deal after US court win
Business and Economy

Meta completes virtual reality deal after US court win

by  AFP 1 min read
Social networking giant Meta seeks to expand into the virtual reality sphere
Social networking giant Meta seeks to expand into the virtual reality sphere. Photo: Lionel BONAVENTURE / AFP/File
Source: AFP

PAY ATTENTION: Never miss breaking news – join Briefly News' Telegram channel!

Facebook-owner Meta finalized its buyout of virtual reality firm Within Unlimited, the VR company's chief executive said, after a court rejected an attempt by US regulators to block the deal over competition concerns.

A spokesperson for the Federal Trade Commission told AFP on Thursday that it would not appeal the February 1 decision.

The courtroom loss was seen as a setback for FTC head Lina Kahn, who has been an advocate of imposing tougher scrutiny on Big Tech companies on antitrust matters.

The FTC filed a complaint in federal court in July, arguing that Meta was trying to unfairly buy advantage in the virtual reality (VR) market with the purchase of Within, maker of fitness app "Supernatural."

A US judge denied the request on February 1 but gave the FTC time to decide whether it would appeal its rejection.

Read also

Adidas 2022 income drops, more pain ahead after end of Kanye tie-up

"Today marks an exciting new chapter for Within and Supernatural, as we officially join Meta," said Within CEO Chris Milk on Twitter.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

"We're elated for the opportunity to bring joy, awe, wonder, and a happier, healthier life to more people around the world," he added.

The social media giant said when the suit was filed that the FTC's move defied reality, and expressed confidence that its buy of Within would be good for VR users as well as developers who make apps in that market.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: