Google Makes $900 Million Pals with MySpace, Fox Interactive Media
Barely a day after Google hooked up with MTV to enhance its AdSense service, the online giant has now joined forces with Rupert Murdoch’s media monolith News Corp, specifically its Fox Interactive Media division. The two companies announced Monday that they’ve signed a multi-year, $900 million technology and services agreement whereby Google will be the exclusive search and keyword targeted advertising sales provider for Fox Interactive Media’s numerous Web properties including the almighty MySpace.com.
With the agreement, Google will now power Web, vertical and site-specific search for MySpace.com and the majority of Fox Interactive Media properties. Google will be the exclusive provider of text-based advertising and keyword targeted ads through AdSense for inventory on Fox Interactive Media’s network. As an added privilege, Google will also have the right to first refusal on display advertising sold through third parties on Fox Interactive Media’s network.
The terms of the agreement dictate that Google must make guaranteed minimum revenue share payments to Fox Interactive Media of $900 million based on Fox achieving certain traffic and other commitments. These guaranteed minimum revenue share payments are expected to be made over the period beginning in the first quarter of 2007 and ending in the second quarter of 2010.
“Our partnership with Google underscores News Corp’s continued evolution to become a powerful force in the digital media marketplace. To have come this far and gained this much momentum in just over a year is truly remarkable,” said Peter Chernin, President/COO of News Corporation in a statement. “This is an exciting time in our history as a forward thinking media company and this is just the first of many steps we plan to take with Google. We look forward to expanding our relationship into many new areas over years to come.”
Google CEO Eric Schmidt gives his take on the blockbuster deal, saying, “We believe that our innovative technologies will be of real benefit to Fox Interactive Media’s growing number of users. MySpace.com is a widely acknowledged leader in user-generated content and incorporating search and advertising furthers our mission of making the world’s information universally accessible and useful.”
Other Fox Interactive Media properties that will benefit from Google’s presence include IGN.com, AskMen.com, and Gamespy.com.
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