Google Has Acquired YouTube

Moments ago the deal was confirmed. In their largest acquisition to date, Google has acquired YouTube for $1.65 billion in an all stock transaction. Both companies have approved the deal, which should officially close in the fourth quarter. YouTube’s 65 employees will remain with the company at YouTube’s San Bruno headquarters.

Details are also emerging that Yahoo was in the bidding war until very close to the end.

Google is hosting a conference call and webcast to discuss the deal. My notes are below, and a recording of the call is here. You can also hear a replay of the call via telephone until midnight Monday, October 16 at 888-203-1112 domestically and 719-457-0820 internationally. Confirmation code for the replay is 2260624.

This went from rumor to reality incredibly fast.

My Notes from the call:

Eric Schmidt, Google’s CEO, Chad Hurley, YouTube’s CEO, David Drummond, Google’s General Counsel and others are on the call.

Eric is starting the call and immediately started talking about the content deals announced today. He says Chad Hurley and Steven Chen, YouTube’s founders, remind him of Larry and Sergey.

Chad is now talking about the reasons he agreed to be acquired by Google. He says Google’s ad platform will integrate perfectly into YouTube. Says the cultures are very similar.

Steven Chen is now talking, saying that Google’s platform combined with YouTube’s “innovative technology” is a perfect match.

Sergey say “Google’s mission is to organize the worlds information…and video is an important part of the worlds information”. Says Google’s core strength is search and advertising.

Questions just started. I’ve put myself in the queue to ask about the Fox/Myspace angle.

Mary Meeker at Morgan Stanley is first. Asking about YouTube content and how it will be integrated into Google. And how content will be monetized.

JP Morgan is asking about why all stock, and why buy YouTube when Google has its own video site. David Drummond says its a stock deal to make it tax free to YouTube shareholders. Eric says that YouTube was in a unique position and had a unique product offering that Google admired.

Question about YouTube’s new technology to auto-recognize copyrighted content.

Question about “pre-roll ads”. No real answer here. Saying they will look at all options.

Question about revenue shares given to content providers and how the company was valued. Not anwered – “we do not go into details on financial deals”. Eric is saying that deals are very good for partners. David Drummond says they arrived at a purchase price that is “very fair”.

Lots of questions on copyright issues.

ABC News question on integration between Google and YouTube. Steven Chen says they are working on a list of potential integration points, will take weeks to sort out. Sergey is saying that integration with search is going to be important, and that they will be experimenting. Eric is saying that Google Video is not going away.

Question about the bidding war for YouTube. No answer.

Great question about Chad’s statement this summer that YouTube plans to remain independent. Chad says that they will stay independent under this deal, so best of both worlds. No real way to answer this question.

That’s it. As usual with these type of calls, I wasn’t able to ask a question. :-)

Congratulations to YouTube on this deal. I remember when I first wrote about YouTube in August of 2005 (I wrote that post from a Starbucks while on a road trip), and meeting Chad Hurley at the very first TechCrunch party.

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CrunchBase Information

YouTube

 

Website:	youtube.com
Location:	San Bruno, California, United States
Founded:	September 11, 2005
Acquired:	October 9, 2006 by Google for $1.65B in Stock

YouTube was founded in 2005 by Chad Hurley, Steve Chen and Jawed Karim, who were all early employees of PayPal. YouTube is the leader in… Learn More

Information provided by CrunchBase

via techcrunch.com

 

Former NAB traders jailed

July 4, 2006 - 11:21AM

David Bullen.
Photo: James Davies

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Two former National Australia Bank traders have been jailed over their roles in the $326 million rogue trading scandal that rocked Australia's largest bank.

Judge Geoff Chettle of the Victorian County Court sentenced one of the traders, David Bullen, to an effective sentence of 44 months with a minimum of 30 months to be served before he is eligible for release on good behaviour.

Judge Chettle sentenced Vince Ficarra to a term of imprisonment of 28 months with a minimum of 15 months to be served before he is eligible for release on good behaviour.

Ficarra, 27, of North Fitzroy, and Bullen, 34, of Eversley near Ballarat, were found guilty in May on a string of charges related to the unauthorised trading on NAB's foreign exchange options desk, which cost the bank $326 million in 2003/04.

In sentencing Bullen, Judge Chettle told the court the two traders and the rest of their team saw themselves as "invincible".

"In the corporate culture that existed, you forgot your legal responsibilities to the bank, its management and its shareholders," Judge Chettle said.

"General deterrence must be the principal sentencing consideration for crimes such as yours."

Judge Chettle said that, despite their crimes, Bullen and Ficarra showed good prospects for rehabilitation.

He said Bullen had made full admissions of his criminal conduct and when he gave evidence at his trial, had effectively made a complete confession.

"So far as you are concerned Bullen, it appears that you embraced Buddhism somewhere around 2002 and your conduct in contesting the trial springs largely from a peculiar and particular philosophical approach you have to life rather than out of any real denial as to your conduct.

"You, Ficarra, attempted to convince the jury that your conduct was not dishonest."

Judge Chettle said that because Bullen lived in a rural area, he was not eligible to be considered for home detention.

The judge said he had reduced the sentence he would otherwise impose to reflect the fact that Bullen would not be able to benefit from home detention but would otherwise be eligible for it.

"Your criminal conduct was extensive," Judge Chettle said.

"You were a senior trader and knew full well that your conduct was illegal.

"Your conduct continued over many months. However, on the other hand, to your credit you co-operated fully with the authorities."

Judge Chettle said he accepted that Bullen's offending occurred "in a culture of profit-driven morality".

"Your employment required you to take risks in order to achieve the projections and targets set for your desk.

"To further your career, you had to succeed."

Judge Chettle said he accepted Ficarra was the most junior of the offenders at the NAB foreign exchange options desk, that his role was "largely mechanical" and that he carried out the instructions of his superior Luke Duffy.

"You were not the author or architect of any of the dishonest conduct but had an active role in entering the false foreign exchange spot trade transactions because you were the member of the team performing early duty at a time that the false entries had to be made in order for the fraud to be perpetrated.

"Further, I note that you were not charged with the option offences unlike your three co-offenders."

Judge Chettle accepted Ficarra's crime took place "in a culture where profit and loss distortion had occurred in the past and where risk-taking was an inherent part of your occupational duties".

"I also accept that profit was perceived as being the be-all and end-all of business and that you somehow became swept up and carried along by the personality of Mr Duffy.

"You became enmeshed in the culture that saw you seeing yourselves as invincible and somewhat arrogant."

Judge Chettle said he had taken into account matters in Ficarra's favour but to some extent Ficarra's statement had indicated a lack of remorse for his crimes in that he still maintained that some of the arguments he raised during the course of his trial were valid arguments.

The judge said it was clear the jury had rejected these arguments beyond reasonable doubt.

Judge Chettle said he was unable to accede to a request by Ficarra that he be sentenced to home detention.

Some of the assertions made by Ficarra during his trial had indicated that he had almost come to believe "some of the more ridiculous propositions" he had asserted, Judge Chettle said.

On May 27 after a lengthy trial, Bullen was found guilty of 17 of 19 charges of gaining financial advantage for himself and others, along with one count of gaining financial advantage by deception.

Ficarra was found guilty of all charges - 12 of gaining financial advantage for himself and others and one of gaining financial advantage by deception.

In June last year, the former head of the desk, Duffy, was sentenced to 29 months in prison with a minimum term of 16 months for his part in the scandal.

Duffy, then 36 and of Albert Park, and a fourth trader Gianni Gray, 36, of Port Melbourne, had pleaded guilty to three charges of dishonestly using their position for personal gain.

Gray was sentenced to 16 months jail in April this year and ordered to serve a minimum of eight months.

The four men were involved in unauthorised trading that resulted in Australia's biggest bank taking a $326 million hit in January 2004 as it scurried to close down the losing positions taken by the trading desk

AAP

 

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BBC NEWS | 'Dead' Everest man safe at camp

Dozens of people have perished attempting to scale Everest

An Australian man left for dead as he descended Mount Everest has left the "death zone" near the summit and has spoken by phone to his relieved wife.

Lincoln Hall, 50, was left behind by his Sherpas on Thursday after he began hallucinating and refused to move.

But he was found alive on Friday, and rescuers have now accompanied him down to a camp at about 6,400m (21,000ft).

He was helped down the mountain by 11 Sherpas and is being treated for frostbite and swelling on the brain.

Mr Hall was said to have suffered the swelling, known as a brain edema, as a result of altitude sickness while close to the summit.

He does not remember trying to descend the mountain or his time alone on Everest, according to Duncan Chesswell, a friend and fellow climber not currently in Nepal.

 

He's in reasonably good condition but he doesn't have much memory of things at this stage Duncan Chesswell Friend

"He's in reasonably good condition but he doesn't have much memory of things at this stage," Mr Chesswell said.

Another friend, Simon Balderstone, told Australia's Associated Press that Mr Hall spoke briefly to his wife, telling her he had suffered bad frostbite while exposed on the mountain.

She reportedly replied by telling her husband she would love him even if he lost all his fingers.

Tea and oxygen

Mr Hall, an experienced climber, reached the summit on Thursday.

Another member of the climb, German Thomas Weber, died shortly before reaching the summit, according to a statement issued by expedition leader Alexander Abramov.

During the descent Mr Hall became weak and despite hours of effort and the Sherpas were told by their expedition leader to leave him behind, Mr Chessell said, speaking in Australia.

Mr Abramov's statement said Mr Hall had died as he descended.

But on Friday, an American climber - Dan Mazur - came across Mr Hall and found he had survived the night, at more than 8,000m (24,000ft).

After giving him hot tea and oxygen, a radio call was made to Mr Abramov, who ordered an urgent rescue mission.

At least 10 deaths have been reported on Everest this season, close to the record of 12 during the 1996 spring climbing season.

Mr Hall's rescue has provided a bright spot days after a successful summiteer admitted that dozens of climbers aiming for the top had passed by a stricken British climber who soon afterwards died, our correspondent adds.

New Zealander Mark Inglis' decision not to help British climber David Sharp has sparked an ongoing debate about climbing ethics.

 

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via news.bbc.co.uk

 

FERRARI MYSTERY

FERRARI MYSTERY: Audio, video, photos, articles

 

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  Ferrari Shattered

  
  
  
  


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  Split in two
  
  


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  Automotive columnist Dan Neil explains why the Ferrari crash wasn't worse.

  
  
  
  

Links

Eriksson's Attorney Lashes Out

Video

VIDEO

 

May 15, 2006

Life in Fast Lane Long Before Ferrari Crash

UPPSALA, Sweden — Before he shattered a red Ferrari in Malibu and became grist for Internet legend, Bo Stefan Eriksson ran a criminal gang in Sweden, raced cars in Europe, skippered a yacht called Snow White and helped run a video game company with dreams of taking on Sony and Nintendo, according to police and bankruptcy investigators.

 

 

April 18, 2006

A Pileup of Charges in the Case of the Totaled Ferrari

Los Angeles prosecutors filed embezzlement, grand theft, drunk driving and weapons charges Monday against a former European video game executive, whose involvement in the crash of a rare Ferrari Enzo in Malibu two months ago has mushroomed into a case filled with international intrigue.

 

April 12, 2006

Prosecutors Delay Decision on Charges in Ferrari Case

Prosecutors on Tuesday delayed a decision on filing charges against a former Swedish videogame executive arrested on suspicion of grand theft of a rare Ferrari, which crashed in Malibu, and two other exotic sports cars.

 

April 11, 2006

Ferrari Case Continues to Widen

The investigation into a former Swedish video game executive whose rare Ferrari crashed in Malibu widened Monday as the U.S. Immigration and Customs Enforcement agency confirmed it is investigating Stefan Eriksson.

 

March 28, 2006

Ferrari Owner Is Minus His Second Car

Stefan Eriksson's famous exotic car collection keeps shrinking.

 

 

March 3, 2006

Ferrari Case Takes New Twist With Possible Tie to Bus Agency

As sheriff's detectives investigate last week's crash that destroyed a $1-million Ferrari, they are now looking into an obscure nonprofit organization that provides disabled people with transit in the San Gabriel Valley.

 

February 28, 2006

The Plot Thickens in Ferrari Crash

The mystery deepened Monday in the case of the puzzling crash last week of a $1-million Ferrari Enzo on Pacific Coast Highway in Malibu.

 

February 23, 2006

Ferrari Owner Had Other 'Crash'

Stefan Eriksson had hoped that millions of video gamers would experience the thrill of street racing on a hand-held device he helped develop. But then Eriksson's $1-million Ferrari was totaled, an accident that gamers around the world may see as a cruel metaphor for the collapse of the portable console company.

 

 

February 22, 2006

So Speedy, So Exclusive, So Expensive, So Totaled

It was a SigAlert made for Malibu.

 

Copyright © 2010, Los Angeles Times

GameSpot: Confirmed: Microsoft getting Massive

Last week, the Wall Street Journal reported that Xbox 360 manufacturer and software giant Microsoft was acquiring the in-game advertising firm Massive Inc. That proved accurate today, as the company made its latest purchase official at the seventh annual MSN Strategic Account Summit in Redmond, Washington.

Massive makes its money by placing ads into games that have already shipped, typically slapping the ads onto in-game objects like vending machines, billboards, and TV screens. The ads are dynamically served, which means they can be changed on the fly, so a billboard advertising a fast food restaurant this week could be updated to plug a new movie next week. According to Microsoft's announcement, purchasing the company "will help deliver dynamic, relevant ads across Microsoft's online services, starting with Xbox Live and MSN Games."

Massive's client list includes NCsoft, Atari, Eidos, Konami, Codemasters, Vivendi, THQ, 2K Sports, Spark Unlimited, Acclaim, Ubisoft, and Sony Online Entertainment. Currently, Massive provides in-game ads for SOE's The Matrix Online and PlanetSide, which brings up the unusual situation of having a working agreement between businesses owned by rival console manufacturers Microsoft and Sony.

Unusual though it might be, Microsoft isn't planning on cutting that tie to its competitor. Not yet, at least. A Microsoft representative told GameSpot today, "There will be no change in Massive's relationships with third-party publishers. Massive will continue to function as [an] independent subsidiary of Microsoft for some time."

Financial terms of the deal weren't disclosed, but the Wall Street Journal report had it pegged in the range of $200 million to $400 million.

via gamespot.com

 

Facebook, the half-a-billion-dollar kid

SAN FRANCISCO (MarketWatch) -- This startup thing sure beats sitting in class.

Mark Zuckerberg, who started the Facebook -- essentially an online student directory -- while he was a sophomore at Harvard in 2004 -- just received funding for quite a nice valuation. Zuckerberg, as many of my readers might recall, left Harvard to become an entrepreneur.

Facebook, which now has more than 7 million registered users, recently received $25 million in venture funding from Greylock Partners, of San Mateo.

The valuation for the private firm was $550 million, a source close to the deal told me.

Viacom Inc. /quotes/comstock/13*!via/quotes/nls/via (VIA 37.27, +0.48, +1.30%) offered Facebook $750 million for the entire company earlier this year, according to the source. For Facebook's right to maintain its independence, a half billion dollar valuation is just fine. What does that say about Internet valuations? They remain high.

If we also compare Facebook's valuation and MySpace's valuation, and the number of registered members each site had at the time they received valuations, it appears that prices are going up.

Last year, on July 18, News Corp /quotes/comstock/15*!nws/quotes/nls/nws (NWS 14.72, +0.20, +1.38%) announced that it purchased MySpace for $580 million in cash. At the time, MySpace said it had 18.5 million members from the coveted 16-to-34-year-old demographic group. Facebook has about a third of that registered user base, but received about the same amount of money. Facebook's valuation certainly makes News Corp purchase appear relatively reasonable.

Suffice it to say, it's a good time to be an entrepreneur.

And, for Mark, who will turn 22 next month, it's a nice way to celebrate his birthday. Maybe his staff of 100 -- mostly 20-somethings, will throw him a party.