Kpod
10-10-2006, 08:13 AM
Welcome your new owner(s) google
Internet search engine Google has bought top video entertainment site YouTube for almost £1bn in stock.
The deal brings together two of the internet's most popular and powerful brands.
And it drives the price of consumer-generated media websites even higher.
The agreement is the first deal to value one of the new crop of user-participation websites at more than $1bn - £0.54bn.
Google has long been synonymous with rapid innovation on the internet - YouTube has spearheaded the video-sharing craze that has taken the entertainment world by storm in recent months.
The search engine is now placed at the forefront of the video revolution on the web.
Google's chief executive officer Eric Schmidt said: "We are natural partners to offer a compelling media entertainment service to users, content owners and advertisers."
YouTube is now the most expensive purchase google has made in its eight year history.
YouTube will continue to retain its brand, along wiht all 67 staff including co-founders Chad & Steve
Report: http://news.sky.com/skynews/article/0,,30000-1236673,00.html
Internet search engine Google has bought top video entertainment site YouTube for almost £1bn in stock.
The deal brings together two of the internet's most popular and powerful brands.
And it drives the price of consumer-generated media websites even higher.
The agreement is the first deal to value one of the new crop of user-participation websites at more than $1bn - £0.54bn.
Google has long been synonymous with rapid innovation on the internet - YouTube has spearheaded the video-sharing craze that has taken the entertainment world by storm in recent months.
The search engine is now placed at the forefront of the video revolution on the web.
Google's chief executive officer Eric Schmidt said: "We are natural partners to offer a compelling media entertainment service to users, content owners and advertisers."
YouTube is now the most expensive purchase google has made in its eight year history.
YouTube will continue to retain its brand, along wiht all 67 staff including co-founders Chad & Steve
Report: http://news.sky.com/skynews/article/0,,30000-1236673,00.html