Monday, October 9, 2006

Google Buys YouTube

Mountain View-based Google has purchased San Bruno-based YouTube in a deal worth $1.65B, Google announced today, confirming the much rumored transaction. Google said it purchased YouTube for $1.65B in a stock-for-stock transaction, and that YouTube will continue to operate independently. YouTube was backed by Sequoia Capital, and last received venture funding in April of this year. The company has raised a total of $11.5M since its founding in February of 2005. The acquisition is expecte to close in the fourth quarter of 2006.