Google Buys YouTube

So the rumors were true:

The Google guys have swallowed YouTube for $1.65 billion. Marking its biggest deal ever, the Internet giant agreed to snap up the red hot site in a major push for video supremacy on the Internet.
“Google has taken the first step toward being more of a media company than a technology company,” said Joe Laszlo, senior analyst at Jupiter Research. “They bought the idea that social networking is big business – and they bought the leader.”
The Google-YouTube match-up marks another stunning story for an online start-up that didn’t even exist two years ago.
YouTube’s twenty-something founders, Chad Hurley and Steven Chen, started the company just 19 months ago, with the idea of giving regular folks a shot at uploading their own short videos onto the Web. In short order, YouTube became the Internet’s No. 1 video-sharing site.
The YouTube-ers and their 67-person staff – now overnight millionaires – will join Google but remain largely independent in Silicon Valley headquarters.

Sigh. Will the 90s ever end?

Posted by on October 10th, 2006 at 10:00 am


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