Google has received regulatory approval for their much previously reported takeover of video sharing site YouTube. Both the Federal Trade Commission and US Department Of Justice have said they are approving the takeover deal without further investigation.
Confirmation of the deal is good news for Google, though given that the big US media companies are seemingly all getting ready to launch a load of litigation against YouTube for its illegitimate distribution of their content, they might be too busy in legal negotiations to celebrate. Insiders say, however, that Google bosses remain hopeful that licensing deals like those made with the record companies might be reached with the TV firms too, averting full on legal action.
Let's hope so - if only so they do have time to celebrate being named Invention Of The Year by Time magazine. You know, its ironic Time are naming YouTube their Invention Of The Year, because I was thinking of naming them CMU's Invention Of Last Year. Ironic also that Time are choosing to honour YouTube at this time - given that their parent company, Time Warner, are one of the media firms leading that aforementioned threatened legal assault against the video site.