The agency says the purchase would weaken competition.
The Federal Trade Commission (FTC) filed a lawsuit on Wednesday against Meta, the parent company of Facebook, alleging the company’s purchase of Within Unlimited would weaken virtual reality (VR) competition. Meta has bought out many other VR companies since 2014. The company claims that these actions do not undermine competition in the VR sector in any way, but the FTC disagrees.
“Instead of competing on the merits, Meta is trying to buy its way to the top,” FTC Bureau of Competition Deputy Director John Newman stated. “Meta already owns a best-selling virtual reality fitness app, and it had the capabilities to compete even more closely with Within’s popular Supernatural app. But Meta chose to buy market position instead of earning it on the merits. This is an illegal acquisition, and we will pursue all appropriate relief.”
As the Lord Leads, Pray with Us…
- For discernment for Commissioner Khan as she heads the FTC.
- For members of the commission as they seek to ensure market competition and prevent monopolies.
Sources: The Hill, Reuters
