Google Inc. (NASDAQ:GOOG) and News Corporation (NASDAQ:NWSA) has struck an advertising deal. This ad deal is a renewal of the $900 million deal that the two companies had that expired this past fall. But the terms are much different than before.
In the last deal, Google guaranteed News Corp. properties include MySpace with massive ad payments. With MySpace being in the decline with stiff competition from Twitter and Facebook, it is likely that Google is paying a lot less for this deal. Below is the full press release:
MYSPACE AND GOOGLE RENEW AND EXPAND SEARCH
AND ADVERTISING AGREEMENT
LOS ANGELES and MOUNTAIN VIEW, Calif., December 16, 2010 ? Myspace and Google, Inc. today announced a multi-year agreement to renew and expand their long-standing search and advertising relationship. Under the terms of the new agreement, Google will continue to power Myspace search and search advertising and will also provide additional display advertising services to enhance the rich
entertainment content experience inherent on Myspace.
This agreement brings together Google?s expertise in search and advertising with Myspace?s strength in social entertainment. Specifically, the agreement provides Myspace with:
Web search and search advertising
Full display ad solutions (including participating in the Google Display Network and DoubleClick Ad Exchange)
?We?re thrilled about renewing our partnership with Google. Their best-in class technology will continue to provide our consumers with a robust search experience,? said Nada Stirratt, Chief Revenue Officer of Myspace. ?We look forward to participating in the Google Display Network and DoubleClick Ad Exchange to increase yield across our display ad inventory.?
?We?re excited to deepen our partnership with one of the largest social Web properties in the world, Myspace,? said Henrique de Castro, Vice President of Global Media and Platforms at Google. ?We?re pleased that our technology will benefit Myspace?s users on its newly redesigned site, and that Myspace has chosen our display advertising solution to increase its returns.