Google Closes Acquisition of YouTube

MOUNTAIN VIEW, November
14: Google Inc. has closed its $1.65 billion acquisition of
YouTube, the popular online video-sharing site.

“We are excited to have
closed the acquisition in order to begin collaborating to offer the best in
quality and depth of content, user experience and new business opportunities
for our partners," says Eric Schmidt, the CEO of Google. "YouTube and
Google will together provide innovative and exciting services for our users
that will add a new dimension to on-line media entertainment. We look forward
to working with content creators and owners large and small to harness the
power of the internet to promote, distribute and monetize their content."

"Google's
expertise, technology leadership, and resources will provide us with the
flexibility to innovate and build the best, most entertaining service on the
Internet,” adds Chad Hurley, the CEO and co-founder of YouTube. “In the coming
months, we will roll out many new exciting features and programs to benefit the
creativity and participation of our community. The community will remain the
most important part of YouTube and we are staying on the same course we set out
on nearly one year ago. We will continue to gather and listen to its feedback
and are looking forward to the many opportunities that lie ahead.”

Google issued an aggregate
of 3,217,560 shares, and restricted stock units, options and a warrant
exercisable for or convertible into an aggregate of 442,210 shares, of Google's
Class A common stock.