Google closes deal to buy YouTube

More than 100 million user-contributed video clips are viewed daily at YouTube, which was launched 18 months ago in San Bruno, California. On October 9, 2006, it was announced that YouTube will be purchased by Google for US$1.65 billion in stock, which will be Google's biggest purchase to date. The purchase agreement between Google and YouTube came after YouTube presented three agreements with media companies in an attempt to escape the threat of copyright-infringement lawsuits. YouTube will continue to operate independently, and the company's 67 employees and its co-founders will continue working within the company. Last tuesday Google completed its 1.65-billion-dollar acquisition of rapidly growing video-sharing website YouTube. YouTube is a billion dollar website in just 18 months, that's really stunning!