Ending a week of rumors, Google on Monday said it has agreed to acquire YouTube for $1.65 billion in a stock-for-stock transaction.
The Mountain View, Calif.-based Internet search giant said YouTube will operate independently following the transaction in order to preserve its successful brand and passionate community.
The acquisition combines one of the largest and fastest growing online video entertainment communities with Google's expertise in organizing information and and its own fledgling video business.
AppleInsider | Google pockets YouTube for $1.65 billion
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