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Bleeding money and being in acquisition talks are not mutually exclusive.

But... maybe having a huge archive of user videos and being owned by YouTube might be mutually exclusive.

Maybe not, but it's bad strategy to give away that you're bleeding money while in acquisition talks.

As long as you don't end up like HP and Autonomy:

Oops. Yes, you're right - you almost certainly have to disclose it at some point. Don't take legal advice from me...