Google to buy YouTube for $1.65 billion

Oct. 9, 2006 at 5:02 PM

MOUNTAIN VIEW, Calif., Oct. 9 (UPI) -- U.S. search-engine giant Google announced Monday it was acquiring red-hot Internet video site YouTube for $1.65 billion worth of stock.

The deal gives Google the enormously popular Web site used for the sharing of video files that has become the apple of the eye of major video marketers and content providers.

Google Chief Executive Officer Eric Schmidt said in a news release that YouTube complimented "Google's mission to organize the world's information and make it universally accessible and useful."

Both companies have approved the transaction, which is expected to close in the fourth quarter.

The number of Google shares to be issued will be determined by the 30-day average closing price two trading days prior to the closing.

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