It may take until the end of the 4th quarter to be official, but Google announced its purchase of YouTube today for $1.65 billion dollars in stock. YouTube is still most notable for being the most successful start-up never to profit, but Google thinks they can change that.
“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.
“I’m confident that with this partnership we’ll have the flexibility and resources needed to pursue our goal of building the next-generation platform for serving media worldwide,” said Hurley, YouTube’s 29-year-old CEO.
Now that YouTube’s got some scratch behind it, who do you think will be the first to sue over copyright infringement?
Read the full story over at Yahoo>>>
Posted on October 9, 2006 in News by Film Threat Staff
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