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  #1  
Old 10-09-2006, 01:20 PM
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Wowmarker Google Buys YouTube for $1.65 Billion, Grabs Lead in Web Videos

Google Buys YouTube for $1.65 Billion, Grabs Lead in Web Videos
By Jonathan Thaw
Oct. 9 (Bloomberg) -- Google Inc., the most-used Internet search engine, agreed to buy YouTube Inc. for $1.65 billion, adding the largest video-sharing site on the Web and an audience that watches more than 100 million clips a day.
Founders Chad Hurley and Steve Chen and their 65 employees will join the company, Google said today in a statement distributed by Business Wire. In less than two years, San Bruno, California-based YouTube has catapulted from startup to Internet icon with 34 million monthly U.S. visitors.
The stock purchase, Google's largest, underscores the pressure on the Mountain View, California-based company from startups such as YouTube and friend-finder Facebook.com, which are creating new markets for film clips and social networking. The acquisition also builds on Google's strategy to add more content to attract advertisers.
``YouTube has huge traffic and is able to reach and appeal to a whole new set of potential viewers,'' Scott Kessler, an analyst at Standard & Poor's in New York, said before the announcement. ``That's the key.''
In total visitors, the purchase vaults Google to second place among U.S. Internet companies from third. The two brands combined had 101 million visitors in August, according to Nielsen//NetRatings. Yahoo! Inc. sites had 106.7 million and Microsoft Corp.'s MSN Internet division had 98.5 million.
Shares of Google rose $8.50 to $429 at 4 p.m. New York time in Nasdaq Stock Market composite trading. They have risen 3.4 percent this year.
Big Bite
Spending more than $1 billion on an acquisition is a departure for Google, which has typically bought smaller startups such as mapping software maker Keyhole Corp. and Upstartle, creator of a Web-based word processor. Google had $9.82 billion in cash and marketable securities as of June 30 and generated sales of $6.14 billion in 2005.
YouTube's business fits Google's strategy of using Internet content as a platform to sell ads. In December, Google agreed to buy 5 percent of Time Warner Inc.'s AOL to show ads to AOL search users. Google agreed in August to provide search and keyword advertising for News Corp.'s MySpace.com.
Advertisers and media companies are piling into sites like YouTube and MySpace.com to reach more users. YouTube viewers on average spend 26 minutes on the site each month, according to Nielsen. YouTube already uses ads sold by Google.
New Agreements
Before today's announcement, Google and YouTube separately struck agreements with three of the world's largest record companies to add music videos on their Web sites.
Universal Music Group, the largest music company, and Sony BMG Music Entertainment, the second-largest, agreed to let people watch their videos on YouTube. Google made deals with Sony Corp. and Warner Music Group Corp., the fourth-largest, to share advertising revenue in exchange for free streaming of videos on its Web site.
In addition, CBS Corp. agreed today to distribute video content on YouTube. NBC television already promotes programs such as ``The Office'' on YouTube, and Warner Music last month became the first record company to let YouTube users download copyrighted music and videos. In return, Warner Music gets a portion of advertising revenue.
Before the purchase, Google ranked seventh in online video traffic, according to ComScore Networks Inc. in Reston, Virginia. Video is emerging as an Internet service comparable to e-mail and Web search, Anthony Noto, a Goldman, Sachs & Co. analyst, said today in a note to investors.
Google Video
Google began accepting user-generated content for its video search engine last year. Yahoo, the most-visited U.S. Internet site, started in May. Redmond, Washington-based Microsoft, the world's largest software maker, began testing its service last month.
The acquisition also illustrates how established Internet and media companies are snapping up start-ups.
Last month, Yahoo purchased Jumpcut to add video sharing and editing services. Sony, producer of the ``Spider-Man'' films, bought video-sharing site Grouper Networks Inc. for $65 million in August. News Corp., controlled by Rupert Murdoch, bought the parent of MySpace.com a year ago for $580 million.
The sale is a windfall for Sequoia Capital, which has invested $11.5 million in YouTube since November, according to YouTube's Web site. Menlo Park, California-based Sequoia also invested in Google and Yahoo, owner of the second-most-used search engine.
YouTube was founded by Hurley, Steve and Jawed Karim in February 2005. Hurley, 29, chief executive officer, is a fine art graduate from Indiana University of Pennsylvania. Chen, 28, chief technology officer, studied computer science at the University of Illinois. Both men worked at PayPal, where Hurley designed the company logo. Karim left YouTube to study at Stanford University, the Web site said.
`Evolution of Dance'
Technology that allows people to easily upload and share videos has spurred YouTube's popularity. The most-viewed clip at the site is ``Evolution of Dance,'' a 6-minute film of a dancing man that has been seen more than 33 million times.
More than 65,000 videos are uploaded to the site every day.
``With YouTube's traffic and buzz, Google could quickly try to build its position as the video advertising clearinghouse online,'' UBS AG analyst Ben Schachter wrote today in a note. ``It's just the kind of bet we'd expect from Google.''
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Old 10-10-2006, 03:20 AM
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darn, wish I had been one of the two guys to develop this and then sell it for 1.65 Billion dollars, darn missed out again...lol
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Old 10-10-2006, 05:52 AM
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it would be nice to have a little chunk of change from that 1.65 billion
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Old 10-10-2006, 05:56 AM
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Simply amazing!
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Old 10-10-2006, 12:13 PM
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I can't believe they didn't get more. It's just like when Ebay was invented by a person who selling garage sale stuff on the internet and then sold it, now known as Ebay.
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Old 10-10-2006, 12:53 PM
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all that money......
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Old 10-10-2006, 03:19 PM
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Imagine What You Could Do With All That Money.............
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Old 10-10-2006, 06:48 PM
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Wait a minute - I thought Al Gore invented eBay... Oh wait, no that was the entire internet.... Nevermind!
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Old 10-10-2006, 06:48 PM
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KAREN, YOU ARE SO FUNNY
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Old 10-10-2006, 06:49 PM
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Ps...karen, Did Al Gore Invent My Bargain Buddy Too????
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