Google Closes YouTube Acquisition
Google announced today that they have closed their acquisition of video-sharing site YouTube.
To complete the $1.65 billion sale announced October 9, Google issued "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 stock price was averaged over 30 days. The total amount issued excludes $15 million provided to YouTube between the announcement and the close. 12.5% of the transaction will be held in escrow for a year to cover "indemnification obligations."
On a separate note, I've become frustrated with the YouTube position re: the DMCA. I contacted them yesterday after I heard that the site had removed ten clips that comprised the full Borat movie. A representative refused to comment on the removals, and said "for background on our policy, we don't control the content on our site."
Give me a break. When you've been acquired for $1.65B, you better figure out how to control the content on your site. Because pleading ignorance when your content is tagged and organized in a pretty little database is sophmoric.
I assume YouTube pleads ignorance because it helps them be protected by the safe harbor provisions of the DMCA. But there's a difference between "not having knowledge" and "willful ignorance." One gets you safe harbor protection, another gets you a dunce cap. I'm willing to bet a judge can tell the difference, too.