NewTeeVee reports that Google will soon open source VP8, the latest video codec released by On2, a company acquired by Google for $133 million.

On2 is the company that open-sourced VP3, which has been further developed and it’s now known as Theora. “In June 2002 On2 donated VP3 to the Xiph.Org Foundation under a BSD-like open source license. On2 also made an irrevocable, royalty-free license grant for any patent claims it might have over the software and any derivatives, allowing anyone to use any VP3-derived codec for any purpose. In August 2002, On2 entered into an agreement with the [...]