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The WSJ reports that Google's in talks to buy up YouTube, most likely to supplement or replace their flailing Google Video. As of now, Google Video lets companies like MTV, the NBA, and Nickelodeon sell videos on their store, whereas YouTube is mostly people uploading last night's South Park episode.

What does this mean to you if it's true? Well, our guess is they're probably going to consolidate the two video sites. Doesn't really make sense to have two sets of developers working on what amounts to the same project. So one of the two is probably going away. As for Google, we'd like to see them work with handset providers and cellular providers so you can get GooTube on your mobile phone. The quality of videos are pretty poor already, so that's great for watching on a 2-inch cellphone screen.

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Report: Google in talks to buy YouTube [Yahoo News - Thanks Zerin and Ray!]