So, it’s happened. Google has bought YouTube. From the press release:

MOUNTAIN VIEW, Calif., October 9, 2006 – Google Inc. (NASDAQ: GOOG)

announced today that it has agreed to acquire YouTube, the consumer

media company for people to watch and share original videos through a

Web experience, for $1.65 billion in a stock-for-stock transaction.

Following the acquisition, YouTube will operate independently to

preserve its successful brand and passionate community.

This does rather beg the question �what happens to Google Video?� Does the firm really need two video sharing platforms? Of course, Yahoo runs Yahoo Photos alongside Flickr, so there’s a precedent. Whether they chose to keep it or not, for now Google owns the online video market.

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