Google buys YouTube for $1.65 bn
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Web search giant Google will buy the enormously popular video clip site YouTube, following a flurry of deals with a number of media firms.
The move is in line with an emerging trend which involves community based ‘sharing’ sites being absorbed into much larger corporations following News International’s acquisition of MySpace and an alleged pact between Microsoft and video searching site Blinkx.
Critics of YouTube maintain that the site is unlawful in its conception, facilitating in some cases the uploading of entire TV programmes without regard for copyright infringement. However Google’s involvement, and more specifically the rush of distribution deals with media companies that have gone on in the lead up to the deal, will be seen as a move to legitimise the site and pre-empt any legal action from copyright lawyers.
'The YouTube team has built an exciting and powerful media platform that complements Google's mission to organize the world's information and make it universally accessible and useful,' said Eric Schmidt, Chief Executive Officer of Google. 'Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience. Together, we are natural partners to offer a compelling media entertainment service to users, content owners and advertisers.'
Web search giant Google will buy the enormously popular video clip site YouTube, following a flurry of deals with a number of media firms.The move is in line with an emerging trend which involves community based ‘sharing’ sites being absorbed into much larger corporations following News International’s acquisition of MySpace and an alleged pact between Microsoft and video searching site Blinkx.
Critics of YouTube maintain that the site is unlawful in its conception, facilitating in some cases the uploading of entire TV programmes without regard for copyright infringement. However Google’s involvement, and more specifically the rush of distribution deals with media companies that have gone on in the lead up to the deal, will be seen as a move to legitimise the site and pre-empt any legal action from copyright lawyers.
'The YouTube team has built an exciting and powerful media platform that complements Google's mission to organize the world's information and make it universally accessible and useful,' said Eric Schmidt, Chief Executive Officer of Google. 'Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience. Together, we are natural partners to offer a compelling media entertainment service to users, content owners and advertisers.'
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