- The New York Times Co NYT is bagging close to $100 million from Alphabet Inc GOOG GOOGL Google over three years under a deal that allows the latter to feature Times content on some of its platforms.
- The New York Times described it as an expanded agreement that included content distribution, subscriptions, and using Google tools for marketing and ad-product experimentation, the Wall Street Journal reports.
- The deal gives the Times an additional revenue driver amid the advertising-market slowdown.
- Also Read: Other Side Of AI: Online Content Publishers Evaluate Legal Options Against Content Usage By Microsoft, Google's AI Bots
- It also offsets the revenue the Times is losing after Facebook parent Meta Platforms Inc META decided not to renew contracts to feature their content in its Facebook News tab last year. Meta had paid the Times annual fees of just over $20 million.
- The deal includes the Times' participation in Google News Showcase, which pays publishers to feature their content on Google News and some other Google platforms. The product is available in non-U.S. countries, including Germany, Brazil, and Australia.
- News Corp, in early 2021 inked a multiyear deal with Google, likely to generate a combined annual revenue of over $100 million.
- Publishers have long criticized Google and Facebook for not paying to feature content on their platforms.
- Price Action: NYT shares are up by 0.15% at $39.96 premarket on the last check Tuesday.
- Photo via wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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