Facebook to Acquire Virtual Reality Company for $2 Billion

Facebook agreed to pay nearly $2 billion in cash and stock to acquire virtual reality goggle maker Oculus VR.

Facebook agreed to pay $400 million in cash and 23.1 million shares of the company's stock. The stock portion would be worth $1.5 billion. "Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," Facebook founder and Chief Executive Mark Zuckerberg said. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate." Oculus VR is a startup that is trying to popularize virtual reality with its Oculus Rift goggles. Oculus has said it intends to charge $350 for the new version of the headset, which is due to ship to developers in July.