Google confirms YouTube acquisition

By on October 9, 2006, 5:08 PM
Today Google put an end to all the speculation surrounding the acquisition of YouTube by confirming that they will buy the popular video sharing site for the sum of $1.65 billon in a stock-for-stock transaction. YouTube will maintain the independence, brand and employees that made it what it is today.

"The YouTube team has built an exciting and powerful media platform that complements Google's mission to organize the world's information and make it universally accessible and useful," said Eric Schmidt, Chief Executive Officer of Google. "Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience. Together, we are natural partners to offer a compelling media entertainment service to users, content owners and advertisers."

A new chapter in online video sharing begins, and it is good to know that Google will let YouTube run their own way, although we will have to see for how long and to what extent.

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