Google Takes Aim At Apple

The battle to dominate new media is heating up again with Google waging the latest assault and they've clearly got Apple in their sights.

On Tuesday the search giant inked deals with a wide number of cable favorites including CNBC and HBO for its proposed Google TV service.

Google said it was also working with news websites like The New York Times and micro-blogging service Twitter.

Aiming to complete with Apple TV, Google believes its technology will make it easier to surf the Web while watching the television on the same big screen.

If Google succeeds in that ambition, it could also help the company achieve its goal of expanding its domination of the online ad market into television.

Sony is making the first flat-panel sets equipped with Google TV and Logitech is making the devices that will enable the technology to work on existing sets.

What’s the trade?

5 billion people on the planet have TV’s, says Colin Gillis of BGC with $50 billion in ad revenue generated world wide. So for a company like Google tapping into that revenue stream could move the needle but it’s not going to happen overnight.

In the near-term I expect the stock to remain under pressure, he says.

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Trader disclosure: On October 5th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Guy Adami owns (AGU), (INTC), (BTU), (NUE), (C), (GS), (MSFT); Tim Seymour is long (AAPL), (YUM); Tim Seymour's firm is short (MT); Karen Finerman's firm is long (BAC), (JPM), (BDX), (YUM), (MCD), (HPQ), (GOOG), (KFT), (FLS), (JCG), (BBY), (TJX); Scott Nations is long (MSFT); Anthony Scaramucci owns (BDX); Jon Najarian is long & has sold calls in (HD); Jon Najarian is long & has sold calls in (COST); Jon Najarian is long & has sold calls in (GS); Jon Najarian is long & has sold calls in (MS); Jon Najarian is long (STEC) calls; Jon Najarian is long (MOS) calls; Jon Najarian is long (ERTS) calls; Jon Najarian is long (COCO) calls; Joe Terranova is long (EOG), (APA), (AAPL), (OIH), (VRTS), (XBI), (ARUN), (IBM), (XBI), (C), (ORCL), (PEP), (OXY), (SU), (JOYG), (RIG), (IBM), (HES), (RSH), (UPL)

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CNBC.com with wires.