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U.S. formally ends fight against Meta’s purchase of VR content maker
U.S. formally ends fight against Meta’s purchase of VR content maker By Reuters
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Stock Markets 9 hours ago (Feb 24, 2023 05:46PM ET)
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(C) Reuters. FILE PHOTO: A person uses virtual reality headset at Meta stand during the ninth Summit of the Americas in Los Angeles, California, U.S., June 8, 2022. REUTERS/Mike Blake/File Photo
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WASHINGTON (Reuters) -The U.S. government said on Friday it was formally ending its effort to stop Facebook parent Meta Platforms Inc (NASDAQ:META) 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.
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.
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.
The FTC’s effort had been seen as a test of the agency’s ability to prevent Meta from acquiring small would-be rivals.
Meta said in a statement that it was “excited” to have wrapped up the transaction to buy Within.
U.S. formally ends fight against Meta’s purchase of VR content maker
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