Google Acquires YouTube for $1.65 Billion
It's official: Google has just bought YouTube for $1.65 billion.
Google confirmed speculations and announced that it will acquire YouTube in an all-stock deal valued at $1.65 billion. The deal, announced shortly after market close on Monday, aims to combine "one of the largest and fastest growing online video entertainment communities" with Google's "expertise in organizing information and creating new models for advertising on the Internet."
$1.65 billion is a whole lot of money for a company that had lost more than $20 million since its creation last year, but hey, you know the saying: If you can't beat them, why not buy them?