Rupert Murdoch's media empire, News Corp announced today that it has struck a global news deal with Google, in one of the most extensive deals of its kind with Big Tech.
Rupert Murdoch. Credit: Hudson Institute
Credit: Hudson Institute
The two goliaths will codevelop a subscription-based platform, expand audio journalism, and develop video journalism by YouTube. Advertising revenue will be shared through Google's ad tech services.
The partnership deal comes after many years of public clashing between Google and Murdoch, most recently in his native Australia, where the tech giant has that it will shut down its search engine to avoid what it describes as "unworkable" content laws.
Read more: Several countries move to make tech giants pay for news
The deal which will see the company compensated for premium news content from platforms is being described as something of a crowning achievement for the 89-year-old media mogul, and his son and heir-apparent, Lachlan Murdoch, who is currently CEO of Fox Corporation and News Corps' co-chairman.
Previous deals have resulted in payments from Apple Inc. and Facebook for their respective news products.
The financial details of the deal were not revealed.
The partnership deal with News Corp comes after Google agreed to pay $76 million over three years to a collective of 121 French news publishers in order to bring a long-running copyright dispute to an end, according to Reuters.
Google has struck deal with Australia's two largest free-to-air television broadcasters worth a combined A$60 million per year. These come just days before Canberra plans to pass laws giving the government the power to appoint an arbitrator who will set Google's content fees in the case that an agreement cannot be reached privately.
The tech giant is also in the process of securing deals with publishers in Argentina, Brazil, Germany and the UK.
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