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The logo of Meta Platforms, the company formerly known as Facebook.
Justin Sullivan/Getty Images
Meta Platforms
,
the company formerly known as Facebook, spent $60 million to buy the naming rights to the word “Meta” held by the financial services company
In a filing with the Securities and Exchange Commission, Meta Financial (ticker: CASH) disclosed that it agreed to sell the Meta name and related names, including Metabank and Meta Financial Group, as well as all Meta-related domain names and social media accounts, to a company called Beige Key LLC.
Meta Platforms (FB) owns Beige Key, Reuters reported on Monday. A Meta spokesman confirmed the transaction to Barron’s.
Meta Financial said it plans to use a portion of the proceeds for the cost of implementing a new name, which it so far hasn’t announced.
Facebook announced the decision to change its name in October, to reflect its increased focus on building the “metaverse.”
Write to Eric J. Savitz at eric.savitz@barrons.com
