Reuters confirmed that "Meta Platforms," the parent company of Facebook, was behind a $60 million deal to acquire the trademark of "Meta Financial Group," which operates in the United States, according to spokespersons from both companies on Monday. Reuters noted that the deal reflects the significant interest in the "Meta" name by the tech giant, which hopes to create the "metaverse." It also reflects the large investment that the company expects to achieve in this project over the coming years.
"Meta Financial" stated in legal documents reviewed by Reuters that a company named "Beige Key LLC" agreed to hand over the global rights to its names for $60 million in cash. However, the ownership of "Beige Key LLC" was not disclosed. A spokesperson for "Meta Platforms," the owner of Facebook, confirmed to Reuters that "Beige Key is connected to us and we have acquired the trademark rights." A spokesperson for "Meta Financial" also acknowledged to the agency the involvement of "Meta Platforms" in the deal.
Facebook announced last October that it was rebranding its parent company to "Meta," and the tech giant has invested heavily to boost its capabilities in virtual and augmented reality, seeing the "metaverse" as the successor to the internet accessed through smartphones. Last week, "Meta Platforms" announced the "Horizon Worlds" application, allowing users of "Quest" virtual reality headsets aged 18 and over in the U.S. and Canada to create virtual characters that can interact and participate in several games. Achieving the "virtual universe" (metaverse) will require collaboration among other tech giants, and it may take a decade to realize, according to Reuters. The spokesperson for "Meta Platforms" mentioned that the company was in discussions with "Meta Financial" before Facebook announced its name change.
