Google buys YouTube

In a press release, Google said that YouTube will operate independently to preserve its "successful brand and passionate community".

Eric Schmidt, Chief Executive Officer of Google said that the two companies have similar values and are natural partners.

YouTube will continue to be based in San Bruno and all YouTube employees will remain with the company. One of the main things that YouTube gets out of the deal is access to Google's advertiser base.

It is a brave move by Google ans YouTube is about to face the wrath of the entertainment business, particularly the Universal studios which feels it is stealing their content. It was this that inspired Cuban to make his 'moron' comments.

Over here.