Financial News

  • 27 March 2014, 14:44

Facebook In $2bn Oculus Virtual Reality Deal

Facebook has announced it is to splash out $2bn to buy Oculus, a virtual reality company.

The deal includes $400m in cash and some 20 million shares worth about $1.6bn.

A statement released by Facebook chief Mark Zuckerbergsaid Oculus' technology opened the possibility of "completely new kinds of experiences" in communications, media, entertainment and education.

"Imagine enjoying a court-side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face - just by putting on goggles in your home," the statement said.

"One day, we believe this kind of immersive, augmented reality will become a part of daily life for billions of people.

"Virtual reality was once the dream of science fiction. But the internet was also once a dream, and so were computers and smartphones. The future is coming and we have a chance to build it together."

The Oculus Rift headset has brought virtual reality to the sporting world. England Rugby and its partner O2 say the Wear The Rose experience gives fans the chance to train with the national squad.

It lets them participate in drills directed by coach Mike Catt, making them feel as though they have just received their very first England call-up. Catt told Sky News the technology could help players make better decisions on the field.

As part of the Facebook deal, Oculus employees are eligible for a $300m bonus if the company achieves certain targets.

Facebook's purchase of Occulusfollows the company's $19bn deal to snap up messaging serviceWhatsApp in February.

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