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

By David French and Elizabeth Culliford

(Reuters) – Meta Platforms Inc, the owner of social media network Facebook (NASDAQ:), is behind a $60 million deal to acquire the trademark assets of U.S. regional bank Meta Financial Group (NASDAQ:), spokespeople for the companies said on Monday.

The deal underscores how valuable the Meta name has become for the technology giant, which is betting that its focus on the metaverse – virtual reality spaces accessed via the internet through an array of gadgets – will pay off handsomely in the coming years.

Meta Financial had said in regulatory filing on Monday that a Delaware company called Beige Key LLC agreed to acquire the worldwide rights to its company names for $60 million in cash. It did not disclose who the owner of Beige Key was.

“Beige Key is affiliated with us and we have acquired these trademark assets,” a Meta Platforms spokesperson said. A Meta Financial spokesperson also confirmed Meta Platforms’ involvement.

Facebook said in October its parent company had changed its name to Meta Platforms.

Meta Financial’s shares were trading 1.3% lower in midday trading, giving it a market capitalization of around $1.75 billion. Meta Platforms was up 1.3%, valuing it at $929 billion.