This was done in the 90's, but I can't recall the company name. I bought a handful of keywords that related to my market at the time. I expect this go-around to end equally badly.
You're probably thinking of RealNames.
The Very Strange Story of the Startup That Says It Made $10m Before Launching
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Re: The Very Strange Story of the Startup That Says It Made $10m Before Launching
#22Re: The Very Strange Story of the Startup That Says It Made $10m Before Launching
#23Earlier quoted context omitted.
Leapfish can't both compete with Google,and be dependent on Google, which their current model is. If they get "exclusivity to a Google keyword like Viagra, Sales, or Wedding" Google will change to fix that problem. Competing with Google's ownership of keywords on Google's own search engine ain't a reliable business model. Anything that involves outsmarting Google is a weak proposition.
I'm pretty sure JacobAldridge was using "owning Google keyword" as an example, and did not mean that you could actually own a Google keyword today by buying it from Leapfish. You get exclusivity to a Leapfish keyword, and this might be the equal of owning a Google keyword if they go big.
That's exactly my point. It's a gamble - how likely is it any of the new search-based start-ups will overtake Google? - but it could pay off.