Facebook buys virtual reality co. Oculus for $2B

Facebook said Tuesday, March 25, 2014, it has agreed to buy Oculus for $2 billion, betting that its virtual reality may be a new way for people to communicate, learn or be entertained.

Irvine, Calif.-based Oculus VR Inc. makes the Oculus Rift, a virtual reality headset that's received a lot of attention from video game developers, though it has yet to be released for consumers. The headsets cover a user's eyes and create an immersive world that reacts to turning one's head or moving back and forth.

Facebook plans to build on Oculus' technology, developing th virtual reality headset for other areas such as communications, education, and entertainment.

What is the Oculus Rift?

Picture a set of ski goggles in which a large cellphone screen replaces the glass. The screen displays two images side by side, one for each eye. A set of lenses is placed on top of the screen, focusing and reshaping the picture for each eye, and creating a stereoscopic 3D image. 

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Oculus Rift HD virtual reality head-mounted display