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U.S. formally ends fight against Meta’s purchase of VR content maker
© 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. Federal Trade Commission, which lost a fight in court over whether Facebook parent Meta Platforms Inc (NASDAQ:) could buy VR content maker Within Unlimited, has decided to formally end its effort to stop the acquisition, the agency said in a filing on Friday.
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.
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