Well that was fast! Google snaps up YouTube for 1.65 billion
Right on the heels of a supposed rumor that Google was in talks with YouTube comes today’s announcement that Google indeed will purchase YouTube for $1.65 billion dollars in stock. YouTube, which enjoys roughly a 46 percent market share of the online video market, has been around since February of 2005 and has quickly become the hottest online website around. Google announced that YouTube will continue to run as a separate independent unit within Google and that the YouTube brand name will continue onward. Google will also continue to maintain their own online video business. Geez.. this is nuts.. but then again – anyone remember when Broadcast.com was purchased by Yahoo? Yup.. back in 1999, Yahoo purchased Broadcast.com for a cool $5.7 billion dollars allowing someone like Mark Cuban the ability to buy things like.. a basketball team. Ha.
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