Google has completed its $1.65 billion stock acquisition of popular video-sharing Web site YouTube.
"We are excited to have closed the acquisition in order to begin collaborating to offer the best in quality and depth of content, user experience and new business opportunities for our partners," Google Chief Executive Eric Schmidt said in a statement issued late on Monday. "YouTube and Google will together provide innovative and exciting services for our users that will add a new dimension to online media entertainment. We look forward to working with content creators and owners large and small to harness the power of the Internet to promote, distribute and monetize their content."
The search giant announced the deal just over a month ago. The deal gives Google a huge audience of video viewers to feed ads to and a leg up on its rivals. But analysts have questioned what the move means for Google Video. Meanwhile, the indiscriminate posting of video grabbed off the TV and elsewhere poses copyright concerns for Google, which has already been sued.