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Posted by Unruh on 04/01/07 06:24
Fred C. Dobbs <nus@tenretni.moc> writes:
>On 1 Apr 2007 00:14:33 +0200, "Twasme N'Deed" <x@y.z> wrote:
>>Viacom To Acquire YouTube for $10 Billion
>>
>>Combination Will Create New Opportunities for Users and Content Owners
>>Everywhere
>>
>>HOLLYWOOD, Calif., March 31, 2007 - Viacom (NYSE: VIA) announced today
>>that it has agreed to acquire YouTube, the consumer media company for
>>people to watch and share original videos through a Web experience, for
>>$10 billion in a stock-for-stock transaction. Following the
>>acquisition, YouTube will operate independently to preserve its
>>successful brand and passionate community.
>>
>>The acquisition combines one of the largest and fastest growing online
>>video entertainment communities with Viacom's expertise in organizing
>>information and creating new models for advertising on the Internet. The
>>combined companies will focus on providing a better, more comprehensive
>>experience for users interested in uploading, watching and sharing
>>videos, and will offer new opportunities for professional content owners
>>to distribute their work to reach a vast new audience.
>>
>>"The YouTube team has built an exciting and powerful media platform that
>>complements Viacom's mission to own the world's information and restrict
>>its accessibility," said Sumner Redstone, Chief Executive Officer of
>>Viacom. "Our companies share similar values; we both always put money
>>first and are committed to innovating to improve ROI. Together, we are
>>natural partners to offer a compelling media entertainment service to
>>content owners and advertisers."
>>
>>"Our community has played a vital role in changing the way that people
>>consume media, creating a new clip culture. By joining forces with
>>Viacom, we can benefit from its global reach to deliver a more
>>comprehensive entertainment experience for our users and to create new
>>opportunities for our partners," said Chad Hurley, CEO and Co-Founder of
>>YouTube. "I'm confident that with this partnership we'll have the
>>flexibility and resources needed to pursue our goal of controlling the
>>next-generation platform for serving media worldwide."
>>
>>When the acquisition is complete, YouTube will retain its distinct brand
>>identity, strengthening and complementing Viacom's own video business.
>>YouTube will continue to be based in San Bruno, CA, and all YouTube
>>employees will remain with the company. With Viacom's global reach,
>>YouTube will continue to build on its success as one of the world's most
>>popular services for video entertainment.
>>
>>The number of Viacom 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. Both companies have approved
>>the transaction, which is subject to customary closing conditions and is
>>expected to close in the fourth quarter of 2007.
>A day early for April Fools.
Depends on where in the world you happen to be located, doesn't it.
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