From TechCrunch:
In their largest acquisition to date, Google has acquired YouTube for $1.65 billion in an all stock transaction. Both companies have approved the deal, which should officially close in the fourth quarter. YouTube’s 65 employees will remain with the company at YouTube’s San Bruno headquarters.
I don’t understand spending well over a billion dollars for something that is positioned to get hammered in copyright-violation-related lawsuits, uses technologies that you, by and large, already have, and probably loses money. But, clearly I’m a simpleton.