Categories
Close
Menu
Menu
Close
Search
Search

Featured Articles

News

Facebook moves into virtual reality with $2 billion Oculus VR deal

Mark

Share:

Print

Rate article:

No rating
Rate this article:
No rating

Facebook has agreed to acquire virtual reality company Oculus VR in a deal worth approximately $2 billion (£1.2 billion).

Oculus VR has become well-known for its ‘immersive’ virtual reality technology, having received more than 75,000 development kit orders for its Oculus Rift 3D virtual reality headset.

The deal includes $400 million in cash and 23.1 million shares of Facebook common stock, with the option of an extra $300 million in cash and stock based on future targets. It’s expected to be finalised in the summer.

Although Oculus has been focussed on gaming, Facebook says it plans to move the company into communications, media, entertainment, education and other areas - with virtual reality technology described as “a strong candidate to emerge as the next social and communications platform”.

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

Oculus will maintain a separate headquarters building in California and will continue its development of the Oculus Rift.

[Oculus blog]

Comments

Collapse Expand Comments (0)
You don't have permission to post comments.

Opinion Articles

ExclusiveLast week at The Fonecast: 23rd July 2012

Mark Bridge writes:

Internet veteran Yahoo! provided last week’s biggest news, at least in terms of press coverage. It appointed Marissa Mayer as its President and Chief Executive Officer, having enticed her away from Google after 13 years.

ExclusiveEricsson will 'muddle through' as income falls

Mark Bridge writes:

I spend much of my time writing about telecommunications and technology. I spend a fair amount of time dealing with big technology-related companies. Yet although I understand many aspects of telecoms, I certainly wouldn’t want to run one of those businesses. It’s a question of relevant experience.

ExclusiveApps World 2012: something for everyone... and for every platform

Apps World 2012 takes place on Tuesday 2nd October and Wednesday 3rd October at the Earls Court 2 exhibition centre this year. It combines an exhibition with workshops and conference sessions designed for mobile developers, marketers, network operators, manufacturers and other mobile industry professionals.

In addition, there’s an award event - the Appsters awards - with a drinks reception and party at The Roof Gardens in Kensington on the Tuesday night.

ExclusiveLast week at The Fonecast: 16th July 2012

Mark Bridge writes:

BlackBerry and bad news seem inextricably linked at the moment. RIM’s CEO admits he’s “not satisfied” with recent company performance and warns of challenging times ahead... and then the company is hit by a $147 million dollar damages order for patent infringement.

Mind you, Research In Motion wasn’t the only mobile company bringing disappointment into the mainstream news last week.

Application review for CamScanner

ExclusiveApplication review for CamScanner

Mark Bridge writes:

Every so often, I see a new product that I’d like to review. I’ll usually send a note to the relevant company, borrow a review copy and send it back when I’ve finished.

And every so often I’ll be approached by a company that wants me to review a product. Sometimes I’ll say yes, sometimes I’ll say no. It all depends whether or not I think I’m the right person for the job.

When IntSig offered me a copy of a mobile application called CamScanner, I wasn’t too sure. It seemed very clever... but I wasn’t convinced I’d have much use for it.

RSS
First3536373840424344Last

Recent Podcasts

ExclusivePodcast from Mobile World Congress 2015

Mark Bridge learns about the mobile technology trends at Mobile World Congress 2015 by chatting to James Rosewell of 51Degrees, Dr Kevin Curran from the IEEE and Chris Millington of Doro.

They talk about wearable devices, wireless charging, mobile operating systems and much more... including some of their favourite products from the exhibition.

ExclusiveLooking back at February: from security scares to multiple MVNOs

We're taking a look back at the biggest mobile industry news stories from February 2015, including allegations that the UK's security service tried to breach SIM card security by hacking into one of the world's biggest SIM producers.

We also talk about the planned BT and EE merger, the creation of two new UK virtual networks, some acquisitions in the mobile payment arena and a new Ubuntu smartphone.

ExclusiveA month of mobile: O2 counts on 3, Microsoft counts to 10 and Apple counts its profits

We're back with a month of mobile industry news, including takeover talks and takeover rumours. O2 and Three are said to be discussing a merger... but is there any truth in the suggestions that BlackBerry could be up for grabs?

We also discuss Apple's record-breaking quarterly figures, the highlights of CES and the launch of Microsoft Windows 10, as well as saying farewell to the current version of Google Glass.

RSS
12345678910Last

Follow thefonecast.com

Archive Calendar

«June 2026»
MonTueWedThuFriSatSun
25262728293031
1234567
891011121314
15161718192021
22232425262728
293012345

Archive