The Strategist

Meta buys US bank trademark with the same name

12/14/2021 - 08:32

US company Meta, which owns the social network Facebook, has acquired the trademark of a bank with the same name in the US for $60 million, media reports citing sources at both firms said.

Meta buys US bank trademark with the same name
According to a source at regional bank Meta Financial, the bank indicated in a report to regulators that Delaware-based Beige Key had agreed to acquire the rights to its trademark for $60 million.

"Beige Key is affiliated with us and we have indeed acquired assets under that (Meta Financial) trademark," Meta spokesperson told Reuters. Sources at the bank also confirmed Meta's involvement in the deal.

According to Meta, the company had been in talks with the bank even before the Facebook name change was announced.

In November, the U.S. company Meta PCs, which sells computers and equipment for gamers, announced its priority rights to the trademark Meta. According to its founders, the company filed a trademark registration using the word Meta in August, but is ready to abandon their claims if they pay $20 million in compensation.

Facebook announced on October 28 that it was renaming itself Meta. Its creator Mark Zuckerberg said that the new brand focuses on a meta-universe, where people will refuse screens and experience the effect of presence in virtual reality. At this stage, the names of apps (including Facebook, Instagram, WhatsApp and others) will not be changed.