Facebook in $2bn virtual reality buyout

Kate McCann
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SOCIAL media giant Facebook has bought Oculus, a virtual reality gaming firm, for $2bn.

The shock deal saw Facebook founder Mark Zuckerberg pay $400m in cash and 23.1m in Facebook shares, as well as a $300m cash incentive if certain key milestones are reached.

“Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow. Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate,” Zuckerberg said in a statement yesterday.

He added that Facebook would focus its attention on what it does best, social and software, and that Oculus has the potential to change the way people interact with doctors, teachers and entertainment, “just by putting on goggles in your home.”

Oculus has been generating excitement around its virtual reality headset Rift, even though it is not yet available to buy.

The new deal comes just weeks after Facebook bought messaging platform WhatsApp for $19bn, as Zuckerberg cashes in on Facebook’s rocketing share price.

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