The news
Internet-search giant Google has confirmed that it's to buy the YouTube video-sharing site in a US$1.65 billion (£888 million) stock-swap deal.
After the much-rumoured tie-up completes, YouTube - Google says - will operate independently, "to preserve its successful brand and passionate community" but the combined companies "will focus on providing a better, more comprehensive experience for users interested in uploading, watching and sharing videos, and will offer new opportunities for professional-content owners to distribute their work to reach a vast new audience".
The number of Google shares to be issued will be based on the 30-day average closing price two trading days prior to the completion of the acquisition.
Both companies have approved the deal, which is is expected to close in the fourth quarter of 2006.
Google CEO Eric Schmidt commented,
The
YouTube team has built an exciting and powerful media platform that
complements Google's mission to organize the world's information and
make it universally accessible and useful. Our companies share
similar values; we
both always put our users first and are committed to innovating to
improve their experience. Together, we are natural partners to offer a
compelling media entertainment service to users, content owners and
advertisers.
YouTube CEO and co-founder Chad Hurley said,
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.
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.
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.
Click to view the video from the smiling (newly super-rich)
co-founders of YouTube - Steven Chen (left) and Chad Hurley
Check out the video above, give a scan to Google's press release on page two and then share your thoughts with us in this thread in the HEXUS.lifestyle.news forum.
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External.links
Google - home pageYouTube - home page
YouTube - A Message From Chad and Steve (video by co-founders, about the take over)
