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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