Meta is one step closer to buying virtual-reality startup Within Unlimited after a U.S. district judge denied the Federal Trade Commission’s request to block the proposed acquisition, according to Bloomberg.
While the ruling represents a victory for Meta, the judge ordered the company to refrain from closing the deal for a week, allowing the FTC time to decide whether or not to appeal the ruling. Within produces the popular VR-fitness app Supernatural.
A little more than a year ago, Meta pivoted to aggressively pursuing a strategy designed to transform the company known for operating successful social media platforms into an architect of the budding metaverse, an immersive world that is imagined to involve a mix of virtual, augmented and mixed reality.
While Meta has outpaced competitors in the VR headset market, it has struggled to woo consumers to its suite of apps.
Like it has in the past with companies like WhatsApp, Meta is trying to compensate for its struggles by acquiring smaller companies that possess valuable technology.
In July, the FTC sued Meta, arguing that the company’s purchase of Within would give the tech giant an advantage and help it establish a monopoly in the virtual-reality market, Bloomberg reported.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://www.theblock.co/post/207618/meta-overcomes-legal-hurdle-in-proposed-purchase-of-vr-startup-within-bloomberg?utm_source=rss&utm_medium=rss