FTC files to block Facebook-parent Meta from buying a VR company [View all]

Related: FTC Seeks to Block Virtual Reality Giant Meta’s Acquisition of Popular App Creator Within (Federal Trade Commission)

______________________________________________________________________

Source: CNN Business

FTC files to block Facebook-parent Meta from buying a VR company

By Clare Duffy, Rachel Metz and Brian Fung, CNN
Updated 2042 GMT (0442 HKT) July 27, 2022

New York (CNN Business) — The Federal Trade Commission on Wednesday moved to block Facebook-parent Meta from acquiring virtual reality company Within, offering the clearest signal yet that the agency could take a tougher stance on Silicon Valley deals involving newer technologies.

In a complaint filed Wednesday in federal court, the FTC said Meta has the resources to build its own VR apps similar to those made by Within, the company behind virtual fitness program Supernatural. Instead, the FTC claims, Meta (FB) is trying to buy the upstart company, which would "[dampen] future innovation and competitive rivalry."

The agency, which is responsible for enforcing US antitrust laws, accused the tech giant of illegally attempting to expand its "virtual reality empire."

Meta has bet its future on virtual and augmented reality technologies, and the lawsuit comes as the company seeks to build out use cases for its VR headsets. Supernatural is among the most popular apps on Meta's headset, in some cases turning users on to the idea of exercising in VR for the first time.

-snip-

Read more: https://edition.cnn.com/2022/07/27/tech/meta-ftc-virtual-reality-app-acquisition/index.html