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Oculus investor says Facebook purchase is like ‘Google buying Android in 2005’

By March 26, 2014March 24th, 2020Newswires

Zuckerberg is betting virtual reality will be the platform of the future

By Ben Popper

Facebook announced today that it was acquiring virtual reality darling Oculus Rift for $2 billion in cash and stock. The transaction left a lot of people scratching their heads: Oculus has been focused on high-end gaming applications, a market where Facebook has little to no experience.

According to sources familiar with the deal, Oculus investors had offered the company more money to go it alone, but trying to compete with titans like Sony — which just showed its Project Morpheus headset last week — would’ve required an enormous additional investment that Facebook can provide out of the gate. Sources say that several big companies other than Facebook had also made overtures to Oculus about a potential acquisition, which could’ve accelerated Facebook’s bid.

Read the whole story here.

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