Google Is In Talks To Invest In Virgin Galactic

More to come shortly, here's Mark Kleinman at Sky News, which has the story:

Sky News can exclusively reveal that the discussions with Virgin Galactic are part of Google's ambitious project to put hundreds of satellites in low-Earth orbit in an attempt to extend internet access to billions of people.

Negotiations between the two companies have been taking place for months, and are said to be at an advanced stage.

The talks are likely to lead to a deal with two main elements, according to insiders.

The first will see Google inject hundreds of millions of dollars into a joint venture, with Virgin Galactic folding in the technology it has developed as part of its efforts to build the world's first space tourism business.

The second component will involve Google spending roughly $30m (£17.8m) in return for a small stake in the Virgin Galactic holding company.

The terms of the alliance have not yet been finalised and could yet be altered before a deal is struck.