The deal is done.

A profitless Web site started by three 20-somethings after a late-night dinner party is sold for more than a billion dollars, instantly turning dozens of its employees into paper millionaires. It sounds like a tale from the late 1990’s dot-com bubble, but it happened yesterday.

"If you believe it’s the future of television, it’s clearly worth $1.6 billion," said Steve Ballmer.

"There are some issues with YouTube," said Sumner Redstone.

... considering testing a pre-roll ...