Meta to delay closing Within Unlimited deal by one month
20 December, 2022
Facebook parent Meta Platforms does not expect to seal its acquisition deal with Within Unlimited, maker of the popular fitness app "Supernatural", before Jan. 31, according to a court filing from Tuesday.
Meta has agreed to push back the closing by one month or until the first day after the court rules on U.S. Federal Trade Commission's (FTC) preliminary injunction trial, according to the filing with the United States District Court for the Northern District Of California.
In August, Meta had agreed not to close the deal until 11:59 p.m. on Dec. 31. The FTC had filed a lawsuit seeking to stop the deal in July, calling Facebook a "global technology behemoth," noting its ownership of popular apps including Instagram, Messenger and WhatsApp, and said its "campaign to conquer VR (virtual reality)" began in 2014 when it acquired Oculus, a VR headset manufacturer.
The FTC filed a slimmed-down complaint in October against the merger, focusing on the VR-dedicated exercise app market and dropped allegations related to the broader VR fitness app market.
Meta already has the best-selling VR headset, the Quest 2, and controls a Meta Quest Store with hundreds of apps. Within Unlimited, founded in 2014, creates original content for virtual reality. It describes itself as "the premier destination for cinematic virtual reality."
Source: www.channelnewsasia.com