YouTube to GoogleTube

So, it's happened. Google has bought YouTube. From the press release:

MOUNTAIN VIEW, Calif., October 9, 2006 - Google Inc. (NASDAQ: GOOG)
announced today that it has agreed to acquire YouTube, the consumer
media company for people to watch and share original videos through a
Web experience, 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.

This does rather beg the question “what happens to Google Video?” Does the firm really need two video sharing platforms? Of course, Yahoo runs Yahoo Photos alongside Flickr, so there's a precedent. Whether they chose to keep it or not, for now Google owns the online video market.

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