WASHINGTON - Facebook-owner Meta finalized its buyout of virtual reality firm Within Unlimited, the VR company's chief executive said, after a court rejected an attempt by US regulators to block the deal over competition concerns.

A spokesperson for the Federal Trade Commission told AFP that it would not appeal the Feb. 1 decision.

The courtroom loss was seen as a setback for FTC head Lina Kahn, who has been an advocate of imposing tougher scrutiny on Big Tech companies on antitrust matters.

The FTC filed a complaint in federal court in July, arguing that Meta was trying to unfairly buy an advantage in the virtual reality (VR) market with the purchase of Within, maker of fitness app "Supernatural."

A US judge denied the request on Feb. 1 but gave the FTC time to decide whether it would appeal its rejection.

"Today marks an exciting new chapter for Within and Supernatural, as we officially join Meta," said Within CEO Chris Milk on Twitter.

"We're elated for the opportunity to bring joy, awe, wonder, and a happier, healthier life to more people around the world," he added.

The social media giant said when the suit was filed that the FTC's move defied reality, and expressed confidence that its buy of Within would be good for VR users as well as developers who make apps in that market.

• Meta reports sales fall, but beats expectations
• Facebook owner Meta to lay off 11,000 staff
• Meta launches Parental Supervision, Family Center tools on Instagram

RELATED VIDEO:

Watch more News on iWantTFC