Meta wins bid to buy VR startup Within Unlimited, beating U.S. FTC in court: report - MarketWatch

1 year ago 52

A California justice connected Wednesday denied the Federal Trade Commission’s bid for a preliminary injunction to artifact Meta Platforms Inc.’s projected acquisition of VR startup Within Unlimited.

The sealed determination from national justice Edward Davila of San Jose, Calif., does not preclude the bureau from pursuing a abstracted lawsuit to artifact the deal, according to a Bloomberg report. Separately, Davila issued a impermanent restraining bid prohibiting Meta from closing the transaction for a week portion the FTC decides whether to entreaty Wednesday’s ruling.

Meta and the FTC declined comment.

Shares of Meta META, -0.01% are level successful late-morning trading.

Facebook’s genitor company’s tribunal triumph is simply a large stroke for FTC Chair Lina Khan, a President Biden appointee brought connected to rejuvenate the national government’s antitrust enforcement portion Congress fails to enact immoderate important legislation.

Khan, who made her sanction with a lacerating insubstantial connected the monopolistic concern practices of Amazon.com Inc. AMZN, -1.08%, has vowed a hardline stance connected mega-mergers. This led her and the FTC to writer Meta successful July for its projected acquisition of Within, shaper of the fashionable VR fittingness app Supernatural.

Meta Chief Executive Officer Mark Zuckerberg and VR caput Andrew Bosworth, testified during an eight-day proceeding successful December implicit the matter.

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