Printed from http://www.electronista.com

Official: Google to buy YouTube for $1.65 billion

updated 04:55 pm EDT, Mon October 9, 2006

Google Buys YouTube

Previously hinted at by anonymous sources speaking to the Wall Street Journal, Google today confirmed that it was buying the Internet video provider for $1.65 billion in stock, according to an official press release. The deal will see YouTube retain its existing identity without any expected job cuts or relocation, Google says, as it prefers to keep the younger company's ad hoc culture intact. While exact details of the companies' future plans were not released, the buyout is expected to give YouTube a considerably wider reach than it has had in the past, integrating the video site with Google's extensive advertising and search resources.

In acquiring YouTube, Google now becomes the single largest distributor of online video and thus a tremendous influence on content providers as well as video stores such as iTunes. Google and YouTube expect the deal to be finalized by the end of 2006 pending government approval.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Prong PWR Case

Ultimately there's one thing we all want from smartphone accessories; we want options. When it comes to keeping our iPhone charged, we ...

iHome iBT74 Color Changing Bluetooth Speaker

There's no reason why your tech can't look good while doing what it was designed to do. That's the reason that sports cars look good a ...

Logitech Gaming Daedalus Prime Mouse

Logitech Gaming continues to expand upon its peripherals line, with each one looking to fit neatly into a breadth of gaming needs. Bui ...

Advertisement

toggle

Most Commented