FTC drops bid to block Meta's acquisition of Within | Engadget

filed antitrust lawsuits

in federal court and its in-house court last year in an effort to prevent Meta from snapping up the company that developed the virtual reality workout app Supernatural. At the time, the commission accused Meta of"trying to buy its way to the top... instead of earning it on the merits." It said the company had the resources to enter"the VR fitness market by building its own app" and doing so would increase consumer choice and innovation.

US District Judge Edward Davila, who oversaw the federal case, ruled in favor of Meta. While he reportedly agreed that mergers that could potentially harm competition in the future should be blocked, he decided that the FTC failed to offer sufficient evidence showing how the Within acquisition would be detrimental to the market. He also said that while Meta has vast resources, it"did not have the available feasible means to enter the relevant market other than by acquisition.

PostUp_bbb FOSSpatents

United States United States Latest News, United States United States Headlines

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

FTC Abandons Challenge to Meta’s Acquisition of Virtual-Reality StartupThe Federal Trade Commission on Friday dropped its last remaining effort to block's acquisition of a virtual-reality startup, handing a final victory to the Facebook parent pathetic
Source: WSJ - 🏆 98. / 63 Read more »

FTC abandons suit blocking Meta acquisition of VR developerThe Federal Trade Commission dismissed its suit blocking Meta's acquisition of a virtual reality developer, marking the latest loss for the Lina Khan-led agency and its new aggressive approach to antitrust.
Source: dcexaminer - 🏆 6. / 94 Read more »