Facebook Parent Said To Splurge $60M On Meta Naming Rights

$Meta Platforms (FB.US)$ , which is undergoing metamorphosis into Meta Platforms Inc, reportedly dished out $60 million to acquire trademark assets from $Pathward Financial (CASH.US)$

What Happened: On Monday, Meta Financial Group, a holding company for a regional bank, said in a U.S. Securities and Exchange Commission filing that it had entered into an agreement with Beige Key LLC, a Delaware limited liability company.

The bank said that Beige Key had agreed to acquire all worldwide rights to its company names. No details were spelled out in the filing as to the identity of Beige.

"Beige Key is affiliated with us and we have acquired these trademark assets," reported Reuters, citing a Meta Platform’s spokesperson. A spokesperson for MetaBank also confirmed the involvement of the Facebook parent to Reuters.

Why It Matters: The agreement between Meta Platforms and Meta Financial is a testament to how valuable the Meta name has become for the social media giant, noted Reuters.

After Facebook’s rebranding was announced, interest in metaverse shot up with several cryptocurrencies linked to virtual spaces shooting up. Recently, record “land” sales have been noted in the metaverse.

On Monday, Loup Ventures analyst Gene Munster said metaverse was among the two new product categories that could fuel the growth of $Apple (AAPL.US)$ going forward.