11 October 2006

Google buys YouTube for $1.65bn

Google has acquired YouTube in a $1.65bn all share deal making the 18-month-old video-sharing website one of the fastest internet success stories ever. The deal, which dwarfs the $580m that Rupert Murdoch's News Corporation paid for social networking website MySpace last year, puts Google ahead of its rivals as the internet moves into the video generation. see also Google faces copyright fight over YouTube. Dick Parsons, the chairman and chief executive of Time Warner, fired a shot across the bows of Google, saying his group would pursue its copyright complaints against the video sharing site YouTube.com.