Google Buys YouTube

YouTube seemed like such a stupid idea initially. It was a place where anyone (mostly kids) would post their home movies for all their friends to see, but YouTube eventually starting showing a collection of copyrighted footage that could have garnered them so many lawsuits, they would have shut down and many predicted that would happen. However, co-founders Steven Chen and Chad Hurley made a point of cozying up to the major media executives and convinced them that allowing their copyrighted material to remain on YouTube would be a major marketing tool for them. As a result of their sweet talk, they formed partnerships with the likes of Universal Music Group, CBS Corp and Sony BMG Music Entertainment as well as Warner Music Group Inc. The partnership with the latter came on the heels of a threat to sue for copyright infringement and that was only less than one month ago. Enter Google, which reportedly purchased YouTube for 1.65 million dollars. For that price, YouTube can retain it's brand, remain in their headquarters in Bruno, California and keep all 67 of their employees including the co-founders. The deal is expected to close at the end of the year