Facebook parent company Meta is negotiating a multi-year deal with augmented reality (AR) company Magic Leap. Meta will continue to spend billions of dollars building out its Avatar metaverse. Meta is exploring ways for Magic Leap to offer intellectual property licensing and contract manufacturing in North America to help it build mainstream AR products, according to people familiar with the matter. Magic Leap makes custom components, including high-tech lenses and related software, but the partnership isn't expected to result in a specific joint Meta-Magic Leap headset.