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Posted by WrestHist on 04/01/07 13:42
On Mar 31, 6:14 pm, "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.
Kinda hard to acquire it when Google took it over in 2006. ;)
WrestHist
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