As the drive for new-wave TVs increases, competition for Google (NASDAQ:GOOG) and Apple (NASDAQ:AAPL) can only be expected to grow more fierce. Now, Google has gained a strong new ally to help in its race to the top of this burgeoning market.

Google can already be seen mingling with the likes of Sony (NYSE:SNE) and Logitech in its foray into TV with the current Google TV products, but now Google will take a powerful step with LG — Korea’s second-largest electronics maker. The new TVs were expected much earlier this year, but LG has announced it now has two TV models based on Google’s TV software. The key innovation for these TVs is their ability to quickly dive into the Internet for viewing non-traditional programming and accessing games.

CHEAT SHEET Analysis: Will TV really earn Google money?

One of the core components of our CHEAT SHEET Investing Framework focuses on catalysts that will move a company’s stock. A big new partnership is certainly a catalyst, as LG will make Google TV available in a way it hasn’t been before. Google’s Internet TV is also likely to benefit from an expected 60 percent surge in the market for such TVs this year.

If the popularity of Internet TVs has boosted as much as predicted, Google TV will likely stand as one of the more appealing products on the market, as it’s backed by Google and LG’s reputations. Snatching up a young, growing market like this could lead to boosted shares for both companies.

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