News, entertainment, opinion, and whatever sparks interest in Burbank the Media City

Facebook buys a virtual reality company for $2 billion

Print Friendly, PDF & Email

Facebook logo

Facebook has made another staggering purchase — $2 billion for  the virtual reality gaming company, Oculus VR Inc. The social network made the announcement on its website yesterday.

The deal includes $400 million in cash,  23.1 million shares of Facebook common stock, and $300 million earn-out in cash and stock “…  based on the achievement of certain milestones.”

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” said Facebook founder and CEO, Mark Zuckerberg in the website statement. “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.” Oculus has created a 3-D style headset that many see as a game changer — among the admirers, Harry McCracken at Time magazine.

Facebook has tons of money and doesn’t mind spending it. Last month, Facebook ponied up $19 billion for the messaging service WhatsApp. So what’s next for Facebook?

Tags: ,

Comments are closed.