Meta Platforms Inc. Pays $60 Million To Acquire Naming Rights From Meta Financial Group

After Facebook rebranded their company as Meta Platforms Inc, they are now looking to have the exclusive rights to the name Meta. Meta Platforms Inc. has acquired the trademark assets of the regional bank in South Dakota Meta Financial Group for $60 million. Meta Financial said in the regulatory filing last December 13, 2021 that a Delaware company called Beige Key LLC has shown interest to acquire the worldwide rights to their company names for $60 million, it is not disclosed to the public who is the owner of Beige Key.

It was later revealed that Beige Key is connect to Meta Platforms Inc. which was revealed by the spokesperson of Meta Financial and Meta Platforms Inc. Meta Financial Group sold all their trademark assets to Beige Key LLC as revealed in the Securities and Exchange Commission filing of the financial group. Reuters first reported that there is indeed a connection between Beige Key and Meta Platforms Inc when Facebook has changed its name last October 2021.

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A post shared by Meta (@meta)

The subsidiaries of Meta Financial Group, MetaBank, will be given one year to remove the word Meta from their name and change all the branding that involves the name Meta. The said deal shows how much Meta Platforms Inc. values the name Meta. The company is currently focusing on their Metaverse venture where a shared digital space can be accessed via the internet through an array of device. The company looks forward to this venture to pay off generously in the coming years as their plan takes off.

A post shared by Meta (@meta)

When Facebook CEO and founder, Mark Zuckerberg, has announced their plan to change their name to Meta in their October 28 media conference, the plan for their Metaverse venture is already in place. The name Meta reflects the company’s increasing focus on the virtual reality and augmented technology. With their plan to take over the internet with Metaverse, they have become more aggressive with their actions involving Meta. Last week, they have recently revealed a beta version of the social virtual reality game which is currently not available worldwide, only in America and Canada. There was even an incident where the instagram account, Metaverse, has told the New York Times last December 13, 2021 that her account was shut down just a few days after Facebook changed their name to Meta. However it was restored after a few days. Instagram said that there was a mistake so they happily restored it.

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Sources: Forbes, Economic Times, Coin Speaker



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