Google buys YouTube for $1.65bn

After all the speculation over the past few days it’s finally happened.

The two companies will continue to operate independently, Google said as it announced the news on Monday.

Damn, there go all the “GooTube” and “Yoogle” mashup parodies then.

Update: Interesting commentary about the deal at Read/Write Web:

There is a LOT of talk about the deal, but for me it’s significant as a watershed moment for the Web and online video. If Google is willing to spend $1.65B on the leading online video company, then they must believe that for both YouTube and the online video industry as a whole – there is a lot more growth to come.