Meta Platforms Agrees to Delay Completion of Insider Transactions Given U.S. Challenges


The Meta Platforms logo appears on May 22, 2022 in Davos, Switzerland.

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WASHINGTON, Aug 5 (Reuters) – Facebook’s parent company Meta Platforms (META.O) has agreed to delay a deal with popular fitness app “Supernatural,” according to court documents.

The FTC filed a lawsuit in July seeking to stop the deal and asked a judge in federal court in San Francisco to issue a temporary restraining order preventing the companies from completing the deal.read more

In a joint court filing on Thursday, Meta agreed not to close the case until 11:59 p.m. on Dec. 31 or the first working day after a judge decides whether to proceed with the case.

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The FTC voted 3-2 on whether to file a lawsuit, calling Facebook a “global tech giant,” pointing out that it owns popular apps including Instagram, Messenger and WhatsApp, and saying its “campaign to conquer VR” began with its acquisition in 2014 VR headset maker Oculus

Facebook, which agreed to buy Within for an undisclosed price in October 2021, said in its lawsuit that the FTC case was “based on ideology and speculation, not evidence.”

The FTC argued in its complaint that the planned acquisition was a way for Meta to dominate virtual reality.

Meta already owns the best-selling VR headset, the Quest 2, and controls the Meta Quest Store with hundreds of apps. Founded in 2014, Within creates original content for virtual reality. It describes itself as “the premier destination for cinematic virtual reality.”

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Reporting by Diane Butts; Editing by Sandra Mahler

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