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Facebook Cancels Oculus VR Acquisition

When Facebook acquired Oculus VR last week for $2 billion, many gamers were up in arms about the future of virtual reality gaming. As of today, it turns out that future may still be in the hands of independent gaming developers as Facebook has canceled their acquisition of Oculus VR.

The deal which included $400 million in cash and $1.6 billion in Facebook stock, as well as an additional $300 million if Oculus meet certain performance targets is set to be voided today.

Facebook’s plan to use the Oculus Rift for alternate forms communication and entertainment failed to impress key investors in secondary meetings late yesterday afternoon. Without a set business model, and revenues not centered around selling Oculus Rift headsets, investors failed to see any financial potential.

Mark Zuckerberg’s envisioned world of people visiting virtual universes where they can buy goods and view advertisements will just have to wait.

Disappointed by the overturn, the Oculus will remain focused on gaming and continue to operate independently at its headquarters in Irvine, California. Since its introduction on Kickstarter, as many as 75,000 people have ordered developer kits in order to test the device and begin making software for it. Time will only tell if Indy developers forgive this hiccup, and get back on board with Oculus and back to what matters – Virtual Reality Gaming.

UPDATE: April Fools from your pal Robert Catalano!