YouTube Reported to be Buying Twitch.Tv for 1 Billion Dollars

I was able to watch two amazing fighting game tournaments this weekend- Toryuken in Toronto, Canada and Republic of Fighters in Paris, France... all from the comfort of my own room and entirely free. Live streaming video games has become a world wide phenomenon, and the company at the crest of this tidal wave of content is Twitch.tv.
 
Having only launched back in 2011 as a spinoff of the streaming site Justin.tv, the site now is reaching over 45 million viewers a month and more prime time viewership than cable networks like AMC, TNT, and MTV. Thanks to the Xbox One and PS4 having the ability to stream on Twitch directly, there are over 1 million unique streamers broadcasting on the site. 
 
So naturally Google or Facebook is going to buy them out and totally ruin the service right? According to a report from Variety yesterday evening, YouTube is in the process of buying Twitch for $1 billion and is just waiting for approval from the Justice Department. There are concerns that since YouTube is the number 1 video site and Twitch is the number 1 streaming site, they could have a monopoly on the market. 
 
The Wall Street Journal ran a different story several hours later, saying that Google and Twitch are still in very early talks... and no numbers or deal has been struck yet. So what do you guys think? Would Google owning Twitch be a bad thing? Will stream monsters have to log in to their Google + before they can chat? With the recent copyright problems on Youtube and video game content being flagged, I would hate to see the same thing come to Twitch. 
 
There has been no official response by Twitch yet, but we'll post more on this story as it develops.