Deals

Facebook is buying Oculus for $2B to ‘get ready for the platform of tomorrow’

Image Credit: Leonard Lee

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” said Facebook founder and CEO, Mark Zuckerberg, in a brief explanation of why his company is buying Oculus.

Oculus makes Oculus Rift, a virtual reality headseat (pictured above) for immersive, 3D gaming.

The deal includes $400 million in cash, 23.1 million shares of Facebook stock, and a potential $300 million earn-out for good behavior. The transaction should be complete by June 2014 at the latest.

Oculus will stay in its Irvine, Calif., headquarters and will continue to produce the Oculus Rift headset.

“Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate,” Zuckerberg continued.

“We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world,” said Brendan Iribe, co-founder and CEO of Oculus VR, in the same joint statement.

“We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways. It is a transformative and disruptive technology, that enables the world to experience the impossible, and it’s only just the beginning.”

 

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More information:

Facebook is the world’s largest social network, with over 1.15 billion monthly active users. Facebook was founded by Mark Zuckerberg in February 2004, initially as an exclusive network for Harvard students. It was a huge hit: in 2 w... read more »

Oculus VR™ was founded by Palmer Luckey, self-described virtual reality enthusiast and hardware geek. The company launched a Kickstarter campaign to help fund development of their first product, the Oculus Rift, a ground-breaking vir... read more »

Mark Elliot Zuckerberg (born May 14, 1984) is an American computer programmer and Internet entrepreneur.[6] He is best known for co-creating the social networking site Facebook, of which he is chief executive and president. It was co-f... read more »

Brendan Iribe is co-founder, president and CEO of Scaleform Corporation where he oversees product development, marketing and sales, and business development, and has established the company as the leading user interface technology prov... read more »

John D. Carmack II (born August 20, 1970) is an American game programmer and the co-founder of id Software. Carmack was the lead programmer of the id video games Commander Keen, Wolfenstein 3D, Doom, Quake, Rage and their sequels. Carm... read more »

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