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LadyDay
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Posted: Tuesday October 10th, 2006 00:28 |
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Google buys YouTube for $1.65bn Google is buying video-sharing website YouTube for $1.65bn (£883m) in shares after a weekend of speculation that a deal was in the offing.
The two companies will continue to operate independently, Google said as it announced the news on Monday.
YouTube, launched in February 2005, has grown quickly into one of the most popular websites on the internet.
It has 100 million videos viewed every day and an estimated 20 million individual visitors each month.
'Natural partners'
"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," Google chief executive Eric Schmidt said in a statement.
He said the two companies were "natural partners" to offer a media entertainment service to users, content owners and advertisers.
Mr Schmidt also told investors that YouTube will be "one of many investments" Google plans to make in the video field.
However the company will keep operating its own Google Video as a separate operation.
YouTube will retain its brand, and its 67 staff including co-founders Chad Hurley and Steve Chen will keep their jobs.
"Our community has played a vital role in changing the way that people consume media, creating a new clip culture," said Mr Hurley.
"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."
Music tie-ups
The announcement came after a day of distribution deals drawn up by the pair.
Universal Music Group has signed a distribution deal with YouTube, which will protect the rights of the music firm's artists.
YouTube also says it has signed a deal with CBS, which will offer short-form video programming, including news, sport and entertainment on YouTube.
Google has also signed distribution deals of its own, with Sony BMG and Warner Music to offer music videos.
The Google deals should allow internet users in the US to be able to view music videos, artist interviews, and other footage from the two firms on Google video for free from this month.
The content is sponsored through a Google advertising-supported revenue-sharing agreement.
Google also said that in addition to the advertising-supported video content, music videos from Warner would be available for purchase as downloads at $1.99 each.
As part of YouTube's deal with CBS, the companies will share revenue from advertising sponsorship of CBS Videos.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/6034577.stm
Published: 2006/10/09 22:06:15 GMT
© BBC MMVI
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tobitrice
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Posted: Tuesday October 10th, 2006 01:48 |
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| hmmm. Youtube got played. This website is a along the lines of the e-commerce boom of the new millenium. IMO youtube is worth more and should have held out for more. Last edited on Tuesday October 10th, 2006 01:50 by tobitrice
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Prince Hakeem
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Posted: Wednesday October 11th, 2006 00:19 |
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| I wonder if this means there will be a huge increase in censorship and all the good videos will be removed?
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Peacemaker
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Posted: Wednesday October 11th, 2006 01:01 |
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Doubt it, Google video is actually almost as bad for that sort of thing.
As for Youtube getting played, the site made little to no revenue. If fact I think Google panic brought this time round, they'll probably regret it.
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