MOUNTAIN VIEW, Calif., November 13, 2006 - Google Inc. (NASDAQ: GOOG)
announced today that it has closed its acquisition of YouTube, the
consumer media company for people to watch and share original videos.
In connection with the acquisition 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. The number of shares of Class A common
stock issued and issuable by Google was calculated by dividing $1.65
billion less certain amounts (approximately $15 million) funded to
YouTube by Google between signing and closing by the average closing
price for the 30 trading days ending on November 9, 2006. 12.5% of
the equity issued and issuable in the transaction will be subject to
escrow for one year to secure certain indemnification obligations.
"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," said Eric
Schmidt, Chief Executive Officer 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. In the coming months, we will
roll out many new exciting features and programs to benefit the
creativity and participation of our community," said Chad Hurley, CEO
and Co-Founder of YouTube. "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."
About Google Inc.
Google's innovative search technologies connect millions of people
around the world with information every day. Founded in 1998 by
Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a
top web property in all major global markets. Google's targeted
advertising program provides businesses of all sizes with measurable
results, while enhancing the overall web experience for users. Google
is headquartered in Silicon Valley with offices throughout the
Americas, Europe and Asia. For more information, visit www.google.com.
About YouTube
Founded in February 2005, YouTube is a consumer media company for
people to watch and share original videos worldwide through a Web
experience. YouTube allows people to easily upload and share video
clips on www.YouTube.com and across the Internet through websites,
blogs, and e-mail. YouTube currently delivers more than 100 million
video views every day with 65,000 new videos uploaded daily and it has
quickly become the leading destination on the Internet for video
entertainment.
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