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YouTube co-founders Chad Hurley and Steve Chen have found something to do with some of the $1.6 billion they made selling the service to Google, buying bookmarking service Delicious from Yahoo! Inc.

Yahoo! has been trying to find a way to offload the service since last year. With no buyer in sight around December, the company had put Delicious on the end-of-life list, laying off staff and setting a July 2011 deadline for its sale or closure.

The two will roll Delicious into their new venture, Avos, saying they want to expand the service. Avos’s statement said Hurley and Chen have “firsthand experience enabling millions of users to share their experiences”, before resorting to the Internet PR phrasebook and promising to “take Delicious to the next level”.

The Hurley / Chen vision for Delicious is to create “the best information discovery service” on the Internet, which is presumably different from whatever it was that Yahoo! had in mind when it first acquired Delicious.

Existing users will be asked to opt-in under the new owners, or will be able to export their data if they want to leave, and Avos has identified developing a Firefox 4 plug-in as a priority. ®

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