The speculation is over: Google announced October 9th that it has bought video sharing Web site YouTube for more than one and a half billion dollars in stock. According to Google's official announcement, YouTube will operate independently, its offices will stay at their current location in San Bruno, California, and all 67 YouTube employees will remain.

Acquisitions are nothing new in the fast-growing, quickly consolidating Internet business. And Google has purchased a number of companies in its efforts to move from search engine to software and service provider, content supplier, and advertising giant.

But the YouTube purchase is breathtaking in a number of ways:
* It is supposedly the first Internet start-up company to be bought for more than $1 billion
* As noted above, YouTube has only 67 employees total
* Although YouTube provides more than 100 million video views a day, the company has only been in existence for a little over a year and a half.

Hmmm, $1.65 billion for 67 employees... I'd say YouTube's small but hardworking staff is about to get a nice bonus!