Owner Of Facebook Buys Rights To Meta Name In Expensive Deal

facebook: This Monday (13), Reuters revealed that the company that owns facebook, Meta Platforms acquires the rights to use its new name in a multi-million dollar deal. More specifically, it concerns the offer of US$ 60 million, made by the American bank Meta Financial Group.

Initially, the lawsuit gained prominence with the US bank’s registration documents attesting to a sale agreement for its branded assets for international use, signed by the company Beige Key LLC – at the time without disclosing its ties. Further on, a representative of Meta Plataforms confirmed that the acquiring company was in fact a subsidiary.

It was also confirmed that the negotiations had already started before the announcement of the owner of facebook, indicating that the transfer of names is more bureaucratic and costly than it seems – especially when looking at the term chosen.

The agreement especially underlines the stubbornness of Meta Platforms in the process of transition and promotion of the so-called metaverse – a fully digital ‘world’ where users can play, communicate and hold events through virtual reality. According to Mark Zuckerberg, the company’s current CEO, the decision to change the name had been in the works for years, but it only became official last October.

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