Take that, Mark Cuban!
Google, once the new upstart Internet darling, acquired YouTube (the current upstart Internet darling) this week for $1.65 billion in stock. For Google, the deal solidifies its presense as a media provider and Internet user hub. For YouTube, well, did you read about the one-point-six-five billion dollars?
The marriage isn’t without its detractors. Many believe the current and inevitable pile-up of lawsuits YouTube attracts devalue the company’s worth. Just 10 days before the deal, media and professional sports maverick Mark Cuban told a group of advertisers that only a “moron” would buy YouTube and that the company would be “sued into oblivion.” Cuban himself is all too familiar with Internet acquisitions. The Dallas Mavericks owner made his money selling Broadcast.com to Yahoo in 1999.