Meta learned on Twitter of FTC's challenge to Within deal - Bloomberg
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Meta Platforms (NASDAQ:META) found out through Twitter that its $400M deal to acquire VR app maker Within Unlimited had raised a Federal Trade Commission challenge, before it received a legal complaint, Bloomberg reported.
The FTC typically offers companies a chance to meet with its commissioners and argue its case before it files suit against a deal, and it usually alerts companies with a phone call and a copy of the complaint minutes before it's filed.
But it didn't in this case, and Meta learned of the deal through a tweet that it confirmed by looking at the court docket, according to the report.
That news amplifies the viewpoint that the FTC is growing more adversarial when it comes to approving technology acquisitions under the leadership of its chair, antitrust advocate Lina Khan.
It adds to other unusual attributes of the FTC's challenge: It's the first time the agency has preemptively moved to block a takeover by Meta (META), and the commissioners acted to sue over the deal against recommendations by FTC's own staff not to file suit.
The challenge has a December court date.