Google Buys YouTube for $1.65 Billion
Posted on Oct 9, 2006
It’s the search engine company’s priciest acquisition in its eight-year history.
We’re, like, really, really happy for YouTube founders Chad Hurley, 29, and Steven Chen, 27—instant mega-millionaires presiding over a video-sharing company still in the red.
Google Inc. is snapping up YouTube Inc. for $1.65 billion in a deal that catapults the Internet search leader to a starring role in the online video revolution.
The all-stock deal announced Monday unites one of the Internet’s marquee companies with one of its rapidly rising stars. It came just hours after YouTube unveiled three agreements with media companies in an apparent bid to escape the threat of copyright-infringement lawsuits.
The price makes YouTube, a still-unprofitable startup, by far the most expensive purchase made by Google during its eight-year history.
AP / Tony Avelar
YouTube cofounders Chad Hurley, 29, left, and Steven Chen, 27, with their laptops at their office loft in San Mateo, Calif.