On October 9, 2006 what company did Google buy out?
MOUNTAIN VIEW, Calif. October 9, 2006 – Google Inc. announced that it has agreed to acquire YouTube for $1.65 billion in a stock-for-stock transaction. Following the acquisition, YouTube will operate independently to preserve its successful brand and passionate community.
The acquisition combines one of the largest and fastest growing online video entertainment communities with Google’s expertise in organizing information and creating new models for advertising on the Internet. The combined companies will focus on providing a better and more comprehensive experience for users interested in uploading, watching and sharing videos. It also will offer new opportunities for professional content owners to distribute their work to reach a vast new audience.
When the acquisition is complete, YouTube will retain its distinct brand identity. This will strengthen and complement Google’s own fast-growing video business. YouTube will continue to be based in San Bruno, CA. and all YouTube employees will remain with the company.