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NEW YORK Google made a bold move today into the online video ad market with a $1.7 billion deal to acquire YouTube.
The all-stock acquisition, Google’s largest to date, will give it access to a vast library of streaming video, much of it created by YouTube users. Google said it would build YouTube as a platform for both amateur and professional content distribution.
“This is the next step in the evolution of the Internet,” Google CEO Eric Schmidt said in a conference call.
The
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