Facebook buys Oculus VR for $2 billion

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Facebook have taken a step into virtual reality by buying Oculus VR for a total of $2 billion.

The deal sees Facebook paying out $400 million in cash, with an additional 23.1 million in sotck, with an additional $300 million in cash and stock based on the achievement of certain milestones.

"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," said Facebook founder and CEO, Mark Zuckerberg. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."

"We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world," said Brendan Iribe, co-founder and CEO of Oculus VR. "We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways. It is a transformative and disruptive technology, that enables the world to experience the impossible, and it's only just the beginning."

It'll certainly be interesting to see what Facebook decide to do with the technology.