09 October 2006

Google to acquire YouTube

Can these companies leave well enough alone? 1.65 billion in a stock transaction... here is a clip from the story...

Google announced this afternoon that it would buy YouTube, the popular video-sharing Web site, for stock that it valued at $1.65 billion.

Google beat out a number of other YouTube suitors, including Microsoft, Viacom, Yahoo and the News Corporation. By successfully negotiating the deal, Google has once again proved that it is the Internet’s dominant player.

Under the terms of the deal, YouTube will retain much of its identity and will keep its name and its office in San Bruno, Calif., more than 25 miles from Google’s headquarters in Mountain View.

Chad Hurley, YouTube’s co-founder and chief executive, has repeatedly said he would prefer for his company to remain independent. Asked about such comments in a conference call with Wall Street analysts and investors held late this afternoon, Mr. Hurley said his company did want to stay independent, adding that “by working with Google, that’s still the case.”

Even if Mr. Hurley wanted to keep his company independent, why would he for 1.65 BILLION! It just shows that everything is for sale. Just about anyone is willing to compromise their standards vor a price.

Read the NY Times Story

Read the MacWorld Story

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