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

Samsung Galaxy S6 Edge

The Samsung Galaxy S6 range is a critical component in Samsung's flagging smartphone strategy. With sales of its high-end smartphones ...

Notti smart lamp from Witti

Perhaps you've already seen our review of the Dotti LED display from Witti Design. Meet Notti, Dotti's "sibling". Notti is a softball ...

Seagate Personal Cloud (2-Bay)

When it comes to backing up files, many users are now looking to the myriad of cloud storage solutions available. There is no doubt th ...

Advertisement

toggle

Most Commented

 
toggle

Popular News