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Google buys video compression firm

Posted on Wednesday, August 05 2009 @ 15:32:22 CEST by

Google's video sites consume massive amounts of bandwidth and generate no profit, so it shouldn't come as a surprise that the search giant is looking at ways to cut costs. Today the company revealed it plans to acquire digital video compression firm On2 Technologies in an all-stock deal valued at $106.5 million.
Mountain View, Calif.-based Google, which owns the popular video sharing site YouTube, says On2 shareholders will receive 60 cents worth of Google class A common shares for each outstanding share of On2 they hold. That represents a 57 percent premium to the Clifton Park, N.Y., company's closing price Tuesday.
Source: NY Times



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