Technology

Facebook Buys Virtual Reality Gaming Start-Up Oculus For $2 Billion

| by Emily Smith

Facebook announced that it is buying reality gaming company Oculus VR for $2 billion on Tuesday.

Mark Zuckerberg explained that Oculus is about more than just gaming; it’s also a new communication platform.

“Imagine enjoying a courtside seat at a game, studying in a classroom of students and teachers all over the world, or consulting with a doctor face-to-face,” Zuckerberg said.

Zuckerberg added that while mobile is the platform of today, he wants to be prepared for the platform of tomorrow.

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“Oculus has the chance to create the most social platform ever and change the way we work, play and communicate," he said.

The Facebook-Oculus deal includes $400 million in cash and 23.1 million shares of Facebook stock. Based on the achievement of certain milestones, there’s also the potential for $300 million earn-out in stock and cash.

Sources: Business Insider, Forbes