Google buys YouTube

Google bought hot young video-sharing website YouTube on Monday in a $1.65-billion stock deal that the companies proclaimed was a natural for the evolving Internet.

The acquisition married Google’s online search prowess with a video-sharing website renowned for devotees but not revenues. “With Google’s technology and search leadership we will have the resources to take our services to the next level,” YouTube co-founder Steven Chen said during a telephone press conference with Google executives. more here

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