1.65 billion of stock from Google Inc. for its acquisition.
Read the news in Washington Post.
Excerpt of the news:
Google Gambles on Web Video
Firm to Pay $1.65 Billion for Popular, Unprofitable YouTube
By Sara Kehaulani Goo
Washington Post Staff Writer
Tuesday, October 10, 2006; A01
Google said yesterday that it will acquire Internet video phenomenon YouTube for $1.65 billion in stock, a deal that leaves the search giant betting on the future of online video as well as tackling some of the risks that come with managing a site built by a homegrown audience.
The deal, which Google called "the next step in the evolution of the Internet," is reminiscent of the late 1990s, when Web companies judged their success by the buzz they created more than by immediate profits. This time, YouTube, an as-yet-unprofitable Silicon Valley start-up with two founders in their twenties, grew a huge audience at a pace outdone only by MySpace.com.
In less than a year, YouTube attracted more than 72 million unique monthly visitors by allowing users to share short homemade video clips. Through word of mouth, the site became an instant Internet phenomenon, providing a huge library of entertaining videos and giving a voice to budding Internet stars every week.
Google,YouTube
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