YouTube Reportedly Purchasing Twitch for $1 Billion [Update: Sources Confirm]

[Update] A new report from VentureBeat has surfaced, adding credence to prior rumors that YouTube parent company Google is purchasing Twitch for the hefty sum of $1 billion.

According to the outlet, "sources familiar with the matter" have confirmed that Google has signed a deal to acquire the popular streaming service. There's no word on when the deal will be formally announced, but if it truly has been signed, I'm sure we'll hear from Google sooner rather than later.

[Original] Google's video service YouTube is in the process of acquiring Twitch for the hefty sum of just over $1 billion, according to a report from Variety.

"The deal, in an all-cash offer, is expected to be announced imminently," the outlet heard from an inside source. This is huge news for gamers, as Twitch has become the de facto streaming service to broadcast live gameplay.

With content sharing becoming more and more popular amongst the gaming populace, thanks to PlayStation 4 and Xbox One's Twitch integration, YouTube's alleged acquisition could be potentially huge for the medium. Let's also not forget that Google owns YouTube, so if this report does prove to be true, one of the biggest tech-centric companies is going to become even larger.