Facebook acquires Oculus VR for $2 billion

Facebook has announced the company will acquire Oculus VR, makers of the virtual reality headset Oculus Rift, the transaction is expected to be closed by the end of the week. The purchase will cost Facebook $2 billion, that is $400 million in cash and 23.1 million in Facebook shares.

While the applications for virtual reality technology beyond gaming are in their nascent stages, several industries are already experimenting with the technology, and Facebook plans to extend Oculus’ existing advantage in gaming to new verticals, including communications, media and entertainment, education and other areas.” reads a Facebook press release.

Both Facebook’s Mark Zuckerberg and Oculus’ Palmer Luckey talked about the decision. Zuckerberg, on a Facebook post, said that “Virtual reality was once the dream of science fiction. But the internet was also once a dream, and so were computers and smartphones. The future is coming and we have a chance to build it together. I can’t wait to start working with the whole team at Oculus to bring this future to the world, and to unlock new worlds for all of us.”

Luckey, Oculus’ founder, talked about the future of VR on reddit. “When Facebook first approached us about partnering, I was skeptical. As I learned more about the company and its vision and spoke with Mark, the partnership not only made sense, but became the clear and obvious path to delivering virtual reality to everyone.” he said, “Facebook was founded with the vision of making the world a more connected place. Virtual reality is a medium that allows us to share experiences with others in ways that were never before possible.”

The news has been received with a lot of backlash from the community, and many folks now fear the future of Oculus, among them is Minecraft’s creator, Notch, who canceled Minecraft for the Oculus Rift after the announcement was made.