Download site snapped up for £883 million
Video-hosting site YouTube is set to be bought by Google for £883 million.
The site, created in February 2005, is visited by 72 million individual users each month.
Speaking to BBC NEWS, YouTube’s co-founder Chad Hurley said: “By joining forces with Google, we can benefit from its global reach and technology leadership to deliver a more comprehensive entertainment experience for our users and to create new opportunities for our partners.”
Both YouTube and Google have signed distribution deals with record companies, allowing the legitimate viewing of the companies’ music videos on their sites.
YouTube signed an agreement with Universal Music Group and CBS, while Google have formed a partnership with Sony BMG and Warner Music.
YouTube will keep its brand and staff, while Google Video will also continue to operate.