It’s official. Say hello to Chad and Steve, the worlds newest millionaires. Web-search giant Google has acquired YouTube for roughly $1.6 billion. The acquisition of YouTube makes Google the 500 gorilla of online video. And that’s a perfect place to be at a time when consumers are rapidly increasing the amount of time they spend viewing video clips online, and Internet video advertising is booming.

Thank goodness Rupert Murdoch didn’t buy YouTube.

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