In a press release on October 9, 2006 Google announced its long rumored purchase of YouTube, a company that provides a service for users to post and share videos through the internet for a $1.65 billion in stock.
"The acquisition combines one of the largest and fastest growing online video entertainment communities with Google'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."
This announcement came on the heels of two press releases earlier in the day which announced agreements with Sony BMG Music Entertainment and Warner Music Group (a Time Warner Company) that will enable users to view music videos on a free, ad supported platform through Google Video.
Only time will tell how Google Video and YouTube (GooTube?) will integrate in the future. From what is implied in the press release, YouTube will continue to operate autonomously from Google.
"YouTube will operate independently to preserve its successful brand and passionate community."