Google has signed a deal to buy game-livestreaming firm Twitch for $1 billion, confirmed sources familiar with the matter. We don’t know everything about this deal, such as when it will be announced and the exact purchase price. We do know that Twitch investors who participated in past rounds are pleased that they will be getting significant returns that are multiple times the amount they originally invested. The deal underscores the value of live Internet streaming and the rise of competitive gaming as a spectator sport — something that draws millions of viewers, can offer prize pools that surpass pro golf’s marquee events, and provides a multibillion dollar opportunity for advertisers. Google and Twitch declined comment. Both companies happen to be speaking at our GamesBeat 2014 event in September. This deal was first cited by unnamed sources from Variety said back in May that Google had made an all-cash offer and that the deal could be announced soon.