META TO BUY VR STARTUP WITHIN AFTER FAVORABLE COURT RULING

A federal judge has sided with Facebook parent Meta and cleared the way for the company to buy virtual reality startup Within Unlimited, the maker of the popular fitness app Supernatural.

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Federal antitrust regulators had sought to block the acquisition on the grounds that it would hurt competition in the emerging virtual reality market.

But U.S. District Judge Edward Davila denied the Federal Trade Commission's request for a preliminary injunction against the deal. The judge's ruling said the agency did not provide sufficient evidence to prove its case.

Meta said it will now proceed with its acquisition of Within Unlimited.

The FTC had argued that Meta's acquisition of the small company - reminiscent of Facebook's early purchases of Instagram and WhatsApp - would hurt competition in the emerging virtual reality market.

Allowing the tech giant to buy Los Angeles-based Within Unlimited, the FTC had argued, would violate antitrust laws and dampen innovation, hurting consumers who may face higher prices and fewer options outside of Meta-controlled platforms.

Meta Platforms Inc. said in a statement after the ruling was unsealed that it is "pleased" with the decision.