YouTube Acquired for $1.65 Billion in Stock

Official Press Release.

Of note:

* YouTube is described as "the consumer media company for people to watch and share original videos through a Web experience". Perhaps nobody at Google and YouTube are aware or all the copyrighted material

* YouTube will retain its distinct brand identity, strengthening and complementing Google’s own fast-growing video business. So, it will remain as it is, except for Google ads?