Tuesday, October 10, 2006

MercuryNews.com | 10/09/2006 | It's for real: Google buying YouTube for $1.65 billion

Time will tell if this was a "moronic' move... 

Mountain View Internet giant Google will buy YouTube for $1.65 billion in Google stock.

Making the deal official, the two companies announced the purchase -- which had been widely expected since late last week -- this afternoon just after the stock market closed. In an effort to benefit from its well-known brand and legions of users, YouTube will continue to operate as an independent site.

Meanwhile, from this update:

Microsoft, whose MSN Video ranks fourth in the online video market, last month launched Soapbox, a competing video-sharing service.

``We evaluated acquiring this type of technology several months ago,'' the company said in a statement today. ``We...believe building our own solution is a more cost-effective way to compete in this new space.''

Source: MercuryNews.com | 10/09/2006 | It's for real: Google buying YouTube for $1.65 billion

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