Viacom Sues Google for $1B
"YouTube is a significant, for-profit organization that has built a lucrative business out of exploiting the devotion of fans to others' creative works in order to enrich itself and its corporate parent Google," said Viacom in a statement.
Recall that Viacom had earlier ordered Google to remove more than 160,000 of its copyrighted content from the YouTube site. Viacom is the parent company for media outlets such as Comedy Central and MTV, which were among the most popular content on the YouTube site. [Ed. note: You mean it's not that video of me dressing my cat up like Princess Leia?]
The two sides had been unsuccessfully trying to reach a deal for some time now, according to Viacom. "After a great deal of unproductive negotiation, and remedial efforts by ourselves and other copyright holders, YouTube continues in its unlawful business model. Therefore, we must turn to the courts to prevent Google and YouTube from continuing to steal value from artists and to obtain compensation for the significant damage they have caused," the Viacom statement proclaimed.
Google could not be reached for comment. The company's shares were down $4.50 (0.99%) to $450.25 in mid-morning trading on Tuesday.
— Raymond McConville, Reporter, Light Reading