Owner Of Facebook Buys Rights To Meta Name In Expensive Deal

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

Initially, the process gained notoriety with the US bank registering documents that attested to a sale agreement for its brand assets for international use, signed by the company Beige Key LLC — at the time, still without revealing its affiliation. Further on, a representative of Meta Plataforms confirmed that the acquiring company was, in fact, a subsidiary.

It was also confirmed that the negotiation started even before the announcement made by the owner of Facebook, indicating that the transition of names is more bureaucratic and costly than it appears — especially when considering the chosen term.

The agreement, above all, underscores Meta Platforms’ stubbornness in the process of transitioning and promoting the so-called metaverse — an entirely digital “world” where users will be able to 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 underway for years, but it was only made official last October.