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Google To Acquire YouTube For $1.65 Billion

In IT on October 9, 2006 at 8:30 pm

Google just announced today that it has agreed to acquire YouTube for $1.65 billion in a stock-for-stock transaction. To clarify the confusion that since Google is already having its own video site so what will happen to YouTube, they were quick enough to make it clear that YouTube will operate as an independent unit of Google once the deal closes and will retain the YouTube brand name. They added that no YouTube workers will lose their jobs as a result of the acquisition and that Google will maintain its own online video business. Rumor says that Yahoo, Microsoft and News Corp. (now the parent company of MySpace) also had probably expressed interest in buying YouTube. But at the end its Google that’ve won the competition.

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