Occasionally rumor becomes reality! This October 9th, 2006, Google agreed to purchase YouTube for 1.6 billion in swapped stock. Here are the main points of the sale:

  • YouTube will stay separate and short of working in an air of unrestrained giddiness the YouTube offices will be business as usual.
  • The purchase provides Google shareholders with a fantastic media portal and a great software platform that is in sync with Google’s mandate of organizing the world’s information.
  • Other than the obvious financial benefit, YouTube will now have Google’s resources to become bigger and better.

This purchase has been approved by both companies and expects to close in the fourther quarter of 2006.

Source: Google’s Press Release