Google Completes Purchase Of Internet
While the Justice Department and the rest of the online ad industry closely watch developments in the proposed merger between Yahoo! and Bing, search giant Google quietly completed its purchase of the Internet Tuesday morning, according to sources with Price Waterhouse Coopers, who brokered the deal. Google, which already effectively owns online search and online video, went back into “acquisition mode” last week after admitting that it overpaid by approximately $1 billion for YouTube. ”We’ve made some mistakes in the past with our acquisitions,” said Google President Sergey Brin. ”But I think the Internet is a good buy. Unlike the banks, we’ve got the cash, so it made sense to buy when the price was right. We’re already in negotiations to buy Music, and we’ll probably buy Fear as well, since it’s such an effective marketing tool.” Terms of the deal were not disclosed.
Tags: Bing, Google, mergers & acquisitions, Price Waterhouse Coopers, US Department of Justice, Yahoo!