Google late today acknowledged rumors that they will be buying on-line video portal Youtube for $1.65 billion in stock. The deal makes YouTube the most expensive purchase Google has made in its history. According to Google, YouTube will retain it's own branding post-acquisition, will remain in San Bruno, California, and all current employees will be retained.
"The YouTube team has built an exciting and powerful media platform that complements Google's mission to organize the world's information and make it universally accessible and useful," said Google CEO Eric Schmidt in a prepared statement. "Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience. Together, we are natural partners to offer a compelling media entertainment service to users, content owners and advertisers."