Google YouTube Deal is Real

Google Inc. has officially announced that it has agreed to acquire YouTube for $1.65 billion in a stock-for-stock transaction. YouTube will continue to operate independently to preserve its successful brand and growing community.

"The acquisition combines one of the largest and fastest growing online video entertainment communities with Google's expertise in organizing information and creating new models for advertising on the Internet. The combined companies will focus on providing a better, more comprehensive experience for users interested in uploading, watching and sharing videos, and will offer new opportunities for professional content owners to distribute their work to reach a vast new audience."

TechCrunch's Michael Arrington was first to break the Google YouTube deal news the other day, and he's posted notes from Google's conference call and webcast held today.