Well, it looks like Google just bought YouTube for $1.65 Billion in stock! It just hit CNN as "Just In" (Breaking News). Still looking for a news article, but CNN has confirmed that it the deal has indeed went through.
MOUNTAIN VIEW, Calif., October 9, 2006 - Google Inc. (NASDAQ: GOOG) announced today that it has agreed to acquire YouTube, the consumer media company for people to watch and share original videos through a Web experience, for $1.65 billion in a stock-for-stock transaction. Following the acquisition, YouTube will operate independently to preserve its successful brand and passionate community.