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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

MySpace Seeks a Wider Relationship With YouTube Victor, Google [Wall Street Journal]

Summary: Google's acquisition of YouTube puts it into direct competition with News Corp's MySpace, which also allows users to post their own content. News Corp execs are reportedly upset about Google's purchase of YouTube, as they expressed interest in purchasing YouTube but were rebuffed. Over the weekend News Corp discussed cutting off links to YouTube from MySpace. YouTube claims that fewer than 20% of its video views come from MySpace. This week Google's CEO and VP Ad Sales are expected to meet with News Corp execs including Rupert Murdoch. Google and MySpace recently signed a $900 million ad deal.
Related links: News Corp most recent conference call transcriptNews Corp: We're Not Interested in Buying YouTubeGoogle's MySpace Deal Is Better Than ReportedYahoo is the Biggest Loser in the Google/News Corp. DealMySpace Founder Alleges News Corp. Merger Defrauded Investors Out Of Billions
Potentially impacted stocks and ETFs: News Corp (NWS), Google (GOOG).

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Source: NewsCorp Now in Competition with Google