Google has now officially released a news report that they have indeed agreed to buy YouTube for 1.65 billion dollars in a stock-for-stock transaction. Google has agreed to allow YouTube to run independently (i.e. no name change.)

YouTube has become the fastest growing video etertainment community and after Google Video became a flop it was a smart move for Google. Another good detail with this sale (for those who work for YouTube is none of them will be fired).

I think this is a really smart move for Google. ” The YouTube team has built an exciting and powerful media platform that complements Google’s mission to organize the world’s information and make it universally accessible and useful” said Eric Schmidt, CEO of Google.

I’m pretty confident that Google can work to create a profitable business model for YouTube and continue to make the best video community site even better.