Google Buys YouTube for $1.65 billion
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Finishing off one of the tech sector’s worst-kept secrets, Google announced an agreement to acquire online media phenom YouTube for $1.65 billion in a stock-for-stock transaction.
The companies announced after the bell Monday that the acquisition would combine one of the largest and fastest-growing online-video entertainment communities with Google’s expertise in organizing information and creating new models for advertising on the Internet. The number of Google shares to be issued in the transaction will be determined based on the 30-day average closing price two trading days prior to the completion of the acquisition.
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