Google buys Waze and puts the squeeze on Facebook and Apple

With Google set to buy app-maker Waze, the question is whether Google actually needs the crowd-sourced traffic app or is simply trying to stick it to its competitors.

On Tuesday, Google confirmed weeks of rumors that it is buying Waze. The company did not disclose the terms of the deal, but early reports put the price between $1 billion and $1.3 billion.