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FTC Delays Meta VR Studio Within Acquisition Until January 2023

Meta Delays VR Studio Within’s Acquisition Until January 2023 Due To FTC Lawsuit

Facebook parent company Meta has agreed to delay its acquisition deal with virtual reality studio Within, because of the FTC’s interference.

While the virtual reality field is still largely unregulated, the authorities have vowed to prevent any company from monopolising the market as we saw with social media. One of the major ways to create monopoly is to buy would-be competitors before they become rivals.

However, it is not yet clear how much of a competition Within would have been for Meta, but the FTC is not waiting to find out. It has preemptively sued the Facebook parent, arguing that acquiring the virtual reality studio would turn it into a monolith.

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Within makes Supernatural, which is a popular VR fitness service. Meta has been under scrutiny by the FTC since December 2021, although, before that, it had bought several other VR studios.

Within VR Experiences Coming to the Web, Thanks to WebVR Site - Variety

The deal with Within was supposed to be completed since but FTC’s lawsuit in July 2022 put it on hold. Now, the company has agreed to wait until the end of January next year. However, Meta CTO Andrew Bosworth revealed that the delay was not ideal for it and it would walk away if they can’t close the deal by the new date.

Unlike its dealings with Facebook in the early days of social media, Meta has to tow the line as created by regulatory bodies. And as we can see, these bodies make up the rules on the go.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.