Google agrees to buy YouTube

Filed in archive Internet TV on October 9, 2006

in separate news, the NY Stock Exchange issues new exchange traded fund in lawsuit futures

Internet billionaire Mark Cuban said a couple of weeks ago that only a "moron" would buy YouTube because of the torrent of copyright lawsuits it would face for material posted illegally to the site. Well, Google agreed to buy YouTube in an all stock deal worth about $1.65 billion.

The initial reports indicate that YouTube will initially retain a "significant measure of independence." No comment as to whether initially is measured in Internet time or not.

I note that Google should feel at home owning YouTube because both companies are known for their run-ins with content owners. I also note that Google posted a job today for a Director of Video Ad Sales that would build a team of sales professionals.

Could be interesting times ahead.