Last year Google announced that they were going to acquire On2 Technologies. This is the company that produced (and open sourced) the VP3 video codec that Theora is based on. Google wrote on their blog:
Although we're not in a position to discuss specific product plans until after the deal closes, we are committed to innovation in video quality on the web, and we believe that On2 Technologies' team and technology will help us further that goal.
The deal has been delayed awaiting approval of the majority of the On2 stockholders to agree on the acquisition. According to the On2 website this happened today:
On2 Technologies, Inc. (NYSE Amex: ONT) today announced that its stockholders approved the merger of On2 with a wholly owned subsidiary of Google Inc. at its Reconvened Special Meeting held earlier today.
On2 stockholders holding in excess of a majority of the outstanding shares of On2 Common Stock voted in favor of the merger proposal.