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Posted by Rob Cullen on 04/01/07 15:35
But Viacom were about to sue Youtube so maybe this was a canny way of
getting the price down!
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"WrestHist" <wiahist@yahoo.com> wrote in message
news:1175434962.400807.242530@p77g2000hsh.googlegroups.com...
> 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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