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Meta has signed an agreement with Tencent that will see the conglomerate become the exclusive seller of the Meta headsets in China.
As The Wall Street Journal reported, this deal would have Meta, then Facebook, return to the country after being shut out 14 years ago.
Tencent will be selling the VR headsets in China in late 2024; currently, the agreement and its details are subject to change.
The deal says that Tencent will take more content and service revenue while Meta will obtain a larger share of device sales.
Headsets will offer games and apps published by the Chinese conglomerate.
Additionally, the report says that the VR market in China is in its early stage, and Tencent was positioned to shutter its extended-reality technology team as it reduced its investment in February.
Sources told The Wall Street Journal that as the deal was closing, Tencent reformed its VR team.