NEW YORK (TheStreet) -- Google
(GOOG) shares are rising, up 1.4% to $527.88, on Monday on the heels of speculation that its YouTube subsidiary reached a deal to acquire video game streaming service Twitch.
The all cash deal for the San Francisco based company is worth $1 billion, making the acquisition the largest purchase in the history of the Google owned video streaming service, according to Variety
Twitch allows users to upload live gameplay videos for streaming from Microsoft Xbox (MSFT) and Sony Playstation (SNE) gaming consoles. While the basic service features ads, users can pay a subscription fee for ad free viewing.
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