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Google in YouTube buyout talks

dpa German Press Agency | October 6 2006

San Francisco- Internet powerhouse Google is in talks to buy online video site YouTube Inc in a deal worth 1.6 billion dollars, the Wall Street Journal reported Friday. The deal would allow Google to dominate the burgeoning arena of online video, which has been fuelled by the spread of broadband internet connections and which is already starting to compete with traditional TV as a viewing medium.

Citing insiders with knowledge of the talks, the report said negotiations are at a "sensitive stage" and could still be called off.

YouTube users currently watch more than 100 million short videos posted on the site every day - far more than at the competing sites run by rivals like Google and Yahoo.

Founded in a Silicon Valley garage in February last year by three young programmers most of YouTube's offerings are short amateur clips. Professional filmmakers, television networks and even political campaigns are also increasingly post materials.

The ad-supported site recently reached a deal with Warner Music for the company to post its catalogue of videos online in exchange for a share of the revenues.

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