|
|
Article: Sequoia's dollars 11.5m YouTube share turns into dollars 480m
- Article from:
- The Scotsman
- Article date:
- October 11, 2006
- Author:
CopyrightCopyright 2006 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
|
SEQUOIA Capital, the London-based venture capital firm that backed
YouTube, is thought to be in line to reap a dollars 480 million
profit on its initial dollars 11.5m investment in the video sharing
company.
The all-stock deal lifts Google from seventh to market leader in
online video distribution, usurping MySpace, the social network site
owned by News Corporation. But the meteoric rise shows how Google
Video struggled - and it is not alone
It is believed that, between November 2005 and April, Sequoia
acquired a 30 per cent stake in the video-sharing business that was
last night sold to Google for dollars 1.6 billion.