U.S. formally ends fight against Meta's purchase of VR content maker | Inquirer Technology

U.S. formally ends fight against Meta’s purchase of VR content maker

/ 07:40 AM February 25, 2023

The U.S. government says it was formally ending its effort to stop Facebook parent Meta Platforms Inc from buying virtual reality (VR) content maker Within Unlimited.

FILE PHOTO: Meta Platforms Chief Executive Mark Zuckerberg leaves federal court after attending the Facebook parent company’s defense of its acquisition of virtual reality app developer Within Inc., in San Jose, California, U.S., December 20, 2022. REUTERS/Laure Andrillon/File Photo

WASHINGTON — The U.S. government said Friday it was formally ending its effort to stop Facebook parent Meta Platforms Inc from buying virtual reality (VR) content maker Within Unlimited.

The Federal Trade Commission (FTC), which lost a fight in court to block the acquisition, said in a filing that it has decided to formally end its effort.

Article continues after this advertisement

The FTC sued Meta in July to stop the Within deal, arguing that Meta’s purchase would reduce competition in a new market. The deal for Within, which makes the Supernatural fitness workouts, was reportedly worth about $400 million.

FEATURED STORIES

READ: Meta battles US antitrust agency over virtual reality’s future

Judge Edward Davila of the U.S. District Court for the Northern District of California rejected the FTC’s concerns and declined to order a preliminary injunction. The FTC did not appeal, and the deal closed in February.

Article continues after this advertisement

The FTC’s effort had been seen as a test of the agency’s ability to prevent Meta from acquiring small would-be rivals.

Article continues after this advertisement

Meta said in a statement that it was “excited” to have wrapped up the transaction to buy Within.

READ: Facebook shifting to virtual reality version of internet

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TOPICS: Facebook, metaverse, United States, VR
TAGS: Facebook, metaverse, United States, VR

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.