the Internet is a series of bubbles: Google pays $1.6billion for YouTube

Google To Acquire YouTube for $1.65 Billion in Stock

Combination Will Create New Opportunities for Users and Content Owners Everywhere

MOUNTAIN VIEW, Calif., October 9, 2006 - Google Inc. (NASDAQ: GOOG) announced today that it has agreed to acquire YouTube, the consumer media company for people to watch and share original videos through a Web experience, for $1.65 billion in a stock-for-stock transaction.  Following the acquisition, YouTube will operate independently to preserve its successful brand and passionate community.

If this wasn't October, and Google wasn't a public company, I'd suspect this was all an elaborate practical joke.

In case you're wondering...

About YouTube

Founded in February 2005, YouTube is a consumer media company for people to watch and share original videos worldwide through a Web experience.

That's got to be the fastest billion made in the history of ever.  From zero to a billion in 20 months.
I'd like to hear that sales pitch: "YouTube: it produces nothing.  It hosts videos other people create, and illegal video copies.  Yours for only a billion dollars."  Oh, and by the way, YouTube has no business model.

via Slashdot Google Buys YouTube for $1.65 Billion /.