Monday, October 9, 2006
Confirming a rumor that has been floating about for the past few days, Google has paid out more than $1.6 billion for the immensely popular YouTube. YouTube's Chad Hurley and Steve Chen will stay with the company. YouTube has been a hot commodity over the past few months--in June it signed a deal with NBC in which it would promote NBC programming. Also today YouTube signed a mega-deal with CBS, Sony and Universal under which it promote product for those corporations. CBS also plans to test new technology on YouTube that will find and delete copyrighted material.