Mobile/PDA About Us Advertise here


		User name	Password

		Not registered yet? Register here. Lost your password? Click here.

Browse by topic

News

Google denies having YouTube legal reserve

10 November 2006 8:08 by James "Dela" Delahunty | 4 comments

Google Inc. has denied that a rumor detailing a $500 million reserve set aside by Google in its deal to acquire YouTube has any truth. The denial came form Chief Executive Eric Schmidt on Tuesday at the annual Web 2.0 summit. The rumor had arisen from an anonymous blog post that claimed insider information about a legal reserve aimed to settle copyright claims brought against the company over content uploaded to YouTube by its users.

Billionaire Mark Cuban, who has been an outspoken critic of the Google-YouTube deal, published the rumor on his Blog Maverick site, saying he had not verified the details. Speaking to more than 500 industry insiders, Schmidt said the rumor was not true during an on-stage interview by conference organizer John Battelle.

In a two-part question, Battelle asked first if Google had a secret reserve for legal claims and secondly if Google was making progress striking deals with content owners. "The former is not true," Schmidt said. "The latter is. We have visited as many media companies as we can." YouTube's incredible success relies enormously on technically illegal content.

Many television and video producers along with recording labels have expressed anger at pirated copies of their content being uploaded to YouTube's servers every day.

Source:
Reuters

Permalink to this article

Google to invest in Chinese P2P video company (1 January 2007)

TV networks ponder YouTube rival (10 December 2006)

Japanese protest YouTube for illegal content (5 December 2006)

French company sued Google Video (26 November 2006)

Lycos wants to be cool again (13 November 2006)

Google to "uphold copyright" with YouTube (26 October 2006)

YouTube removes 30,000 copyrighted videos (21 October 2006)

Universal sues two video sharing sites (17 October 2006)

Google buys YouTube for $1.65 billion (9 October 2006)

YouTube signs three more content deals (9 October 2006)

Warner, Sony BMG sign deal with Google (9 October 2006)

Google in talks for $1.6bn YouTube takeover (6 October 2006)

YouTube to add music videos (16 August 2006)

« Previous news article
Japanese gamers rush to grab PS3

Next news article »
Lindor challenges RIAA '$750 per track' damages

Post your comment

Discuss this article!
ZippyDSM (AfterDawn Addict) 10 November 2006 13:17
I bet they don't ya..and I have 2 WEE's in my pants....of corase they do if they do not they will start bleeding money when teh MAFAA starts the anal carnage.... [ + quote]
georgeluv (Member) 10 November 2006 14:33
they would have to be fools to not have a huge stockpile of money to fight off the copywrite horders. its been said before: google didnt spend 1.6 bil on youtube just for its technology, they did it to make loads of money later. google knows ad revenue and marketing data are whats going to be the big return from youtube. nobody visit youtube if they cut out all the good stuff, youtube wont stay number three in hits if all it has to offer is a bunch of redneck home videos. [ + quote]
borhan9 (AfterDawn Addict) 10 November 2006 21:02
Thats just too much money to play with these days :). I just wanted to say i saw the video of the 2 cops bashing that suspect of some sort and loved how YouTube has caught them in the act. Well done :) [ + quote]
rav0 (Junior Member) 18 November 2006 15:39
They denied holding back $500 million, because the real escrow amount is $200 million. [ + quote]