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Technology

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

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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.

“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

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