News Formal

Khan-led FTC declines to appeal court approval of Meta acquisition of VR company

  • 📰 dcexaminer
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 94%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The Federal Trade Commission will not appeal a court decision to allow Meta to acquire a virtual reality fitness developer, the first significant admission of failure for the agency's new aggressive approach to antitrust.

The Lina Khan-led regulatory agency said on Monday that it would not pursue the appeal of its case against Meta's acquisition to buy Within, according to Reuters. However, the agency said it intends to pursue the case through an FTC administrative judge. That case is scheduled for its first hearing on Feb. 13.The decision not to appeal the case appears to reflect the FTC's realization of its first legal loss after staff opposed the decision.

Meta attempted to acquire Within in October 2021 as part of its more extensive efforts to rebrand as a"metaverse" company. The FTC blocked the purchase in July and claimed that Meta was establishing a monopoly over the virtual reality market through the acquisition.While the decision was supported by the majority of commissioners, staff members at the FTC were hesitant on the matter and opposed the lawsuit.

The decision may affect the FTC's attempt to block Microsoft's effort to acquire the gaming company Activision Blizzard for nearly $69 billion. The agency is also considering a suit against Amazon.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Judge rejects FTC request to block Meta from virtual reality businessA federal judge denied the Federal Trade Commission’s effort to prevent Meta from acquiring the virtual reality platform Within Unlimited, saying the federal government failed to prove that the Big Tech company’s acquisition would kill competition. Well you know where the judge is getting his money from
Source: WashTimes - 🏆 235. / 63 Read more »

FTC won’t appeal judge’s order greenlighting Meta acquisition of virtual reality businessThe Federal Trade Commission said Tuesday it will not appeal a federal judge’s order rejecting the regulator’s effort to stop Meta from acquiring the virtual reality platform Within Unlimited.
Source: WashTimes - 🏆 235. / 63 Read more »