Google acquired YouTube.com for $1.65 Billion in stock.
YouTube is a popular video sharing site which allows users to easily upload and share video clips. Following the acquisition, YouTube will continue to operate independently with its own branding.
When the acquisition is complete, YouTube will retain its distinct brand identity, strengthening and complementing Googles own fast-growing video business. YouTube will continue to be based in San Bruno, CA, and all YouTube employees will remain with the company. With Googles technology, advertiser relationships and global reach, YouTube will continue to build on its success as one of the world's most popular services for video entertainment.
Apple has been rumored to be in talks with Google about supplying streaming videos to Apple's iTV product when it ships next year. It's unclear if this acquisition would have any bearing on the negotiations.
