Google Denies Rumor of Reserve for YouTube Copyright Claims

Google Inc. Chief Executive Eric Schmidt denied a widely circulated rumor that his company had set aside $500 million to settle copyright claims by media companies as part of its deal to acquire video-sharing site YouTube Inc. Speaking to more than 500 Internet industry insiders at the annual Web 2.0 Summit, Schmidt said an anonymous blog post asserting YouTube has reserved $500 million for legal claims, out of the $1.65 billion takeover price, was "not true."

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