YouTube is a hit with Google for US$1.65bn

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By  Published  October 13, 2006

US search engine Google has bought popular video-sharing website YouTube for US$1.65 billion.

YouTube, which launched in February 2005, has fast become one of the most popular web sites on the internet showing 100 million videos a day and receiving an estimated 72 million visitors a month.

"The YouTube team has built an exciting and powerful media platform that complements Google's mission to organise the world's information and make it universally accessible and useful," Eric Schmidt, Google CEO, said in a statement announcing the deal.

The two companies were "natural partners" to offer a media entertainment service to users, content owners and advertisers, Schmidt claimed. Google will continue to run its own Google Video as a separate operation.

YouTube will be operated independently and maintain its own brand and staff.

However, analysts have warned Google could face copyright issues because of the deal.

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