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Google Cements Deal With YouTube

Mike Sachoff
Staff Writer
Published: 2006-11-14

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Google has announced they have cemented the purchase of YouTube. The price of the acquisition is $1.65 billion. Google issued 3,217,560 in shares to buy the video giant. YouTube has been wildly popular for the past year and has also seen sky rocketing growth.

Google announced in early October they were purchasing the web video-sharing site.
Critics have cautioned that YouTube would have to resolve the use of copy written material with a number of media companies.

To offset the copyright issue Google and YouTube have been trying to make deals for revenue sharing when such content is viewed. On the purchase it self Google CEO Eric Schmidt said, ""YouTube and Google will together provide innovative and exciting services for our users that will add a new dimension to on-line media entertainment. We look forward to working with content creators and owners large and small to harness the power of the Internet to promote, distribute and monetize their content."

Co-Founder and CEO of YouTube Chad Hurley on the purchase said ""Google's expertise, technology leadership, and resources will provide us with the flexibility to innovate and build the best, most entertaining service on the Internet. In the coming months, we will roll out many new exciting features and programs to benefit the creativity and participation of our community."

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