Google and YouTube are becoming fast friends.

In a story from Home Media Retailing, Google went public Monday with the news that it had purchased the popular YouTube.com for $1.65 billion in stock.

According to the specifics of the deal, YouTube will still function under that moniker and the goal is for the "user-generated content site" to "strengthen and complement" Google's video service.

"Our companies share similar values; we both always put our users first and are committed to innovating to improve their experience," said Eric Schmidt, Google CEO. "Together, we are natural partners to offer a compelling media entertainment service to users, content owners and advertisers."

YouTube will also "benefit from the global reach and technology resources of Google, which was among the first Internet concerns to launch a video search function and dedicated video site."

"With this partnership we'll have the flexibility and resources needed to pursue our goal of building the next-generation platform for serving media worldwide," said CEO and Co-Founder of YouTube, Chad Hurley,

YouTube will remain in San Bruno, Calif., "and all YouTube employees will remain with the company."

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Evan Jacobs