“By the summer of 2012, the majority of the televisions you see in stores will have Google TV embedded in it.”
— An optimistic Eric Schmidt, Google’s executive chairman (paidContent)

* Verizon (VZ) and Redbox are reportedly working together on a Netflix-like service that will enable TV and movie streaming and downloading for numerous platforms, including Apple iOS and Android devices, Google TV, Xbox, and Roku. Content will stream in standard definition or high definition with the option of being stored on the actual mobile devices themselves. Expect the service (dubbed “Project Zoetrope”) to officially launch on or around May 28. (TechCrunch)

* According to All Things D, Facebook is reorganizing the company’s design, product, and engineering teams around key product areas like privacy and communication. The move comes just months after reinstalled Google CEO Larry Page restructured Google (GOOG) into seven product areas. (All Things D)

* Daily deals site LivingSocial is raising nearly $400 million in new funding at a $6 billion valuation. No word yet on when it plans to go public. (Fortune)

* Gaming startup OnLive, which basically processes video games on remote server computers and streams them back to the user to play, is releasing software today that will let users play those graphically-rich games — from L.A. Noire to Unreal Tournament 3  — on the iPhone, iPad, Kindle Fire, and other Android devices. Some games have been adapted to respond via touchscreen, while others will require a $50 wireless controller from the company. (The New York Times)

* Startups are popping up to train people in skills like computer programming and design to help ease Silicon Valley’s talent crunch. (The Wall Street Journal)

* Online music video Vevo is doing well these days, to the tune of 57 million unique viewers a month. CEO Rio Caraeff gives an update on the company’s future, one that will likely include long-form content and original programming. (Business Insider)

* Six-month-old flash sale site Fab.com — which offers themed design sales like say, “Iconic Italian Accessories” or “Casual Shoes with a Conscience,” for items up to 70% off — raised $40 million during its latest round of funding, led by venture capital firm Andreessen Howoritz. The company announced 1 million members as of last month and is doing over $200,000 in sales each day. (Andreessen Horowitz)

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