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SAN FRANCISCO: Google bought hot young video-sharing website YouTube on Monday in a $1.65-billion stock deal that the companies proclaimed was a natural for the evolving Internet.
The acquisition married Google's online search prowess with a video-sharing website renowned for devotees but not revenues. \"With Google's technology and search leadership we will have the resources to take our services to the next level,\" YouTube co-founder Steven Chen said during a telephone press conference with Google executives.
\"We believe this is just the beginning.\" YouTube soared to online popularity after its launch in February 2005. The company claims that more than 100 million videos are watched daily by visitors to the free website, which features content ranging from silly home videos to snippets of Hollywood films, television shows and concerts.
Google said that it was drawn to YouTube because it was the clear market leader and had put together a \"remarkable team\" in a short time.
\"We think one of the keys to comprehensive search experience will be video,\" said Google co-founder Sergey Brin. \"On the whole it is hard for me to imagine a better fit with another company. YouTube really reminds me of Google just a few short years ago.\"
Google's stock price rose slightly to $431.75 a share in trading that followed the announcement of the deal, which came after the close of the financial markets in New York.
\"It will be interesting to see what happens next and what happens in the copyright world,\" outspoken billionaire investor Mark Cuban wrote in a fresh weblog entry titled \"I still think Google is crazy.\"
\"I still think Google lawyers will be a busy, busy bunch.\" Cuban has referred publicly to YouTube as a lawsuit magnet because users freely upload digitized videos, television shows and other copyrighted material. [/b]
http://economictimes.indiatimes.com/articleshow/2133520.cms
The acquisition married Google's online search prowess with a video-sharing website renowned for devotees but not revenues. \"With Google's technology and search leadership we will have the resources to take our services to the next level,\" YouTube co-founder Steven Chen said during a telephone press conference with Google executives.
\"We believe this is just the beginning.\" YouTube soared to online popularity after its launch in February 2005. The company claims that more than 100 million videos are watched daily by visitors to the free website, which features content ranging from silly home videos to snippets of Hollywood films, television shows and concerts.
Google said that it was drawn to YouTube because it was the clear market leader and had put together a \"remarkable team\" in a short time.
\"We think one of the keys to comprehensive search experience will be video,\" said Google co-founder Sergey Brin. \"On the whole it is hard for me to imagine a better fit with another company. YouTube really reminds me of Google just a few short years ago.\"
Google's stock price rose slightly to $431.75 a share in trading that followed the announcement of the deal, which came after the close of the financial markets in New York.
\"It will be interesting to see what happens next and what happens in the copyright world,\" outspoken billionaire investor Mark Cuban wrote in a fresh weblog entry titled \"I still think Google is crazy.\"
\"I still think Google lawyers will be a busy, busy bunch.\" Cuban has referred publicly to YouTube as a lawsuit magnet because users freely upload digitized videos, television shows and other copyrighted material. [/b]
http://economictimes.indiatimes.com/articleshow/2133520.cms