Google Acquires YouTube for $1.65 Billion Stock Transaction
No longer Internet specultion, Google has confirmed that it will be acquiring YouTube in the forth quarter of this year as the two companies have agreed on the purchase price of $1.65 Billion in Google stock. YouTube will continue to operate independently to preserve its successful brand and passionate community.
Once the acquisition is complete, YouTube will not just become an internal Google service. On the contrary, it will retain its distinct brand identity, strengthening and complementing Google’s own fast-growing video business.
YouTube will continue to be based in San Bruno, CA, and all YouTube employees will remain with the company. With Google’s technology, advertiser relationships and global reach, YouTube will continue to build on its success as one of the world’s most popular services for video entertainment.
“Our community has played a vital role in changing the way that people consume media, creating a new clip culture. By joining forces with Google, we can benefit from its global reach and technology leadership to deliver a more comprehensive entertainment experience for our users and to create new opportunities for our partners,” said Chad Hurley, CEO and Co-Founder of YouTube. “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.”
