Why register trademarks? Facebook is going after “Meta”.

trade mark protection

On December 13th, a spokesperson for Meta Platforms Inc., the owners of social media giant Facebook (NASDAQ:FB), revealed to the Reuters agency that the company is behind a $60 million deal to purchase the trademark assets of Meta Financial Group (NASDAQ:CASH).

This deal highlights how important the “Meta” name has become to the social media company. Facebook recently changed its name to Meta, and Mark Zuckerberg is betting hard on the metaverse concept. Zuckerberg believes the metaverse is going to be “an internet where you feel like you’re there and you’re present with people and in other places.”


According to Reuters, Meta Financial Group said in a regulatory filing that a Delaware firm — Beige Key LLC — agreed to acquire the worldwide rights to its company names for $60 million in cash. The owner of Beige Key was not disclosed.

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


Meta Financial Group offered its subsidiary Meta Bank’s consumer savings, loans and credit cards, and commercial lending, Meta Financial partners with institutions including government agencies and financial technology firms to offer banking services with the aim of bolstering financial inclusion.

According to Reuters, Meta Financial spokesperson said it had embarked on a brand strategy review earlier this year. The spokesperson declined to comment on the negotiations beyond the contents of the filing, but mentioned that said negotiations with Meta Financial were already taking place before Facebook’s rebranding was announced.


Source: https://www.reuters.com/business/media-telecom/exclusive-facebook-owner-is-behind-60-mln-deal-meta-name-rights-2021-12-13/

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