After trying to reassure news editors that online news profits will improve, Google CEO Eric Schmidt took a moment to argue that Apple's recent announcement of the iAd advertising platform for mobile applications proves that the market is competitive.
"It just seems obvious to me," Schmidt remarked. "I hope it (Google's purchase of AdMob) gets approved."
Google bought AdMob for $750 million shortly after Apple was looking to buy the company at a lower price. Apple responded by buying AdMob competitor Quattro Wireless for around $270 million.
The Federal Trade Commission, however, is looking to block the AdMob deal according to reports, with an anonymous application developer contacted by the FTC telling Reuters that "It's been really interesting talking to them because they are so dead set against this."
In other acquisition news, Hewlett-Packard has closed its deal to buy 3Com, which makes networking software, in an effort to boost HP's operations in China.
And smartphone maker Palm is officially on the market, with Chinese computer maker Lenovo and Taiwanese smartphone maker HTC considered leading candidates for a sale.
Jackson West wonders if Apple CEO Steve Jobs told Schmidt about iAds when they shared coffee in Palo Alto a couple of weeks ago.
