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Open Web Developer News Desk Eric Schmidt: Born to Pay Retail
Viacom deposed Schmidt as part of a $1 billion copyright suit against Google and YouTube filed two years ago
By: Maureen O'Gara
Oct. 9, 2009 05:00 PM
Google CEO Eric Schmidt hails from a culture born to pay retail.
CNET knows this because Eric said in a sworn deposition in May that he told his board the 18-month-old revenue-free video site was worth between $600 million and $700 million on a gut hunch yet - spooked that Microsoft or Yahoo would pluck it off the vine - paid $1.65 billion in stock for the thing. Viacom deposed Schmidt as part of a $1 billion copyright suit against Google and YouTube filed two years ago. The still-unprofitable YouTube is also named in the multi-billion suit filed Tuesday by Eolas.
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Remember Sun paid $2 billion for Cobalt Networks and might as well have lit cigars with the money, a billion for MySQL and $4.1 billion for StorageTek. So it's no surprise to read on CNET that he thinks he paid a billion dollars too much for YouTube.
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