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Exclusive-Facebook owner is behind $60 million deal for Meta name rights -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A woman holds a smartphone bearing the Facebook logo, in front of an illustration showing Facebook’s newly rebranded logo Meta. This picture was taken on October 28, 2021. REUTERS/Dado Ruvic/Illustration

Elizabeth Culliford and David French

(Reuters] – Meta Platforms Inc (NASDAQ:) is behind a deal worth $60 million to purchase the trademark assets at a U.S. bank regional. Meta Financial Representatives of the Companies, Group (NASDAQ:) said Monday.

The technology company is betting its future success on the Metaname, which the Metaverse refers to virtual reality areas that can be accessed through a range of devices via the internet.

Meta Financial stated Monday in a regulatory filing that Beige Key LLC, a Delaware-based company, had agreed to purchase the global rights to company names worldwide for $60 million cash. The owner of Beige Key wasn’t disclosed.

Meta Platforms spokeswoman said that Beige Key was affiliated to us, and that we had acquired the trademarks. Meta Platforms involvement was also confirmed by a spokesperson for Meta Financial.

Facebook announced in October that Meta Platforms, its parent company, had changed the name of its subsidiary to Meta Platforms.

Meta Financial shares traded 1.3% less in midday trading. This gave it an estimated market capitalization around $1.75 Billion. Meta Platforms rose 1.3% and was valued at $929 billion.

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