"Google in bid to halt YouTube legal threat," shouts the Financial Times. "Google is engaged in a frantic round of negotiations aimed at persuading traditional media companies to supply their content to YouTube, the video website it bought last month for $1.65bn, and ward off a potentially crippling round of lawsuits."

Word is that Google paid $50 million when it recently bought JotSpot (a deal that was arranged over a month ago but was only announced yesterday). Word also is that JotSpot's technology is a piece of crap — which its competitors gleefully acknowledge, though in more appropriate terms. So why did Google dump that much money?

The Wired News director who will oversee Reddit now that it's owned by Wired parent Condé Nast, already explained Wired's plan for the social bookmark site to Valleywag. Now Reddit cofounder Alexis Ohanian offers Reddit's take on the news coverage and the site's future.

As TechCrunch reported and Reddit announced this morning, Condé Nast bought social bookmarking site Reddit. I talked to Wired Digital general manager Kourosh Karimkhany, who will directly oversee Reddit as a Wired property.

Google just bought JotSpot, a collaborative wiki creation site, for an undisclosed amount (if you know the price, e-mail tips@valleywag.com). JotSpot announced the buyout on the corporate blog, and CNet picked up the story.