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Google buys YouTube for $1.65 billion US |
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Written by Rodney Reynolds
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Monday, 09 October 2006 |
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"Internet search leader Google Inc. made a giant leap Monday into the burgeoning online video industry by snatching up YouTube Inc. for $1.65 billion US.
The all-stock acquisition unites one of the internet's marquee companies with one of its rapidly rising stars.
The price makes YouTube, a still-unprofitable startup, by far the most expensive purchase by Google during its eight-year history.
"We are natural partners to offer a compelling media entertainment service to users, content owners and advertisers," said Eric Schmidt, Google's chief executive officer.
YouTube will continue to retain its brand, as well as all 67 employees, including co-founders Chad Hurley and Steve Chen. The site was launched in February 2005, using Macromedia Flash technology to display video content submitted by a growing community of members." ~cbc.ca
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