Good morning!

Let’s dive in.

1) Google takes on Facebook, deals a blow to RIM

Google has launched Google+, a social media tool to rival Facebook.

The tool allows you to group people into social circles and manage your acquaintances and friendships (sound familiar?). The tool incorporates the Google video chat feature, bringing in multiple feeds for group conversations. The video above highlights the relevant features.

And that’s not all Google was up to in the last 72 hours. They also released “Swiffy,” which converts Flash to HTML5. Just more bad news for Blackberry-maker Research in Motion (RIM), which has been marketing its tablet based on its ability to incorporate Flash (something Apple’s products won’t do).

(Source: Mashable, CNET)

2) Zynga well on its way to IPO

The Wall Street Journal reports that social gaming powerhouse Zynga is well on its way to its initial public offering (IPO), having received approval from the Securities and Exchange Commission to avoid reporting requirements for the restricted stock units it offers to its employees.

The news comes as other Facebook application builders are working on ways to isolate their apps from the Facebook platform as Zynga has successfully done.

(Source: The Wall Street Journal)

3) Sprint CEO Hesse: AT&T/T-Mobile merger will kill innovation

Sprint CEO Steve Hesse reportedly has a war room-like bunker in which he is furiously planning how to quash the AT&T/T-Mobile merger, which is slated to be to the tune of $28 billion. In an interview with Bloomberg, Hesse said the merger would mean, “the industry just won’t be as innovative and as dynamic as it has been. ... It’ll gum up the works when everything has to go through these two big tollbooths, one that’s called AT&T and one that’s called Verizon.”

According to Bloomberg, Hesse is in the process of firing “nukes” (read: merger-killing tactics) in an effort across 18 states to “win and block the merger.”

(Bloomberg via MobileBeat)

4) NewsCorp to MySpace: It’s not me, it’s you.

The Associated Press reports that News Corp. is preparing to sell MySpace, the now-flagging social network that practically fainted after Facebook came on the scene. There are at least three bidders for the social network, reports AP, and NewsCorp-owned “All Things D” reports that it was on the verge of being sold for $20 million to $30 million.

(Source: Associated Press)

5) Twitter co-founder Stone to take back seat

Twitter co-founder Biz Stone announced in a blog post, Tuesday that he will be taking a back seat at Twitter to make time for work on other projects. The new projects will be under The Obvious Corporation umbrella.

(Source: via Mashable)