Google Will Pay the New York Times About $100 Million Over Three Years ⇥ wsj.com
The New York Times Company in February:
The New York Times Company and Google announced an expansion of their collaboration with a multi-year commercial agreement today. The companies will work together on tools for content distribution and subscriptions, using Google tools for marketing, ad product experimentation, and further on Subscribe with Google and Google Ad Manager.
Alexandra Bruell, Wall Street Journal, today:
The New York Times is getting around $100 million from Google over three years as part of a broad deal that allows the Alphabet unit to feature Times content on some of its platforms, according to people familiar with the matter.
The deal gives the Times an additional revenue driver as news publishers are bracing for an advertising-market slowdown. The company posted revenue of $2.31 billion last year, up 11% from a year earlier. It also more than offsets the revenue that the Times is losing after Facebook parent Meta Platforms last year told publishers it wouldn’t renew contracts to feature their content in its Facebook News tab. The Wall Street Journal at the time reported that Meta had paid annual fees of just over $20 million to the Times.
Earlier today, I pointed to David Pierce’s look at the development, rise, and decline of Google’s AMP format, in which Pierce writes Google “across the publishing industry [is] no longer seen as a partner”. A hundred million dollars begs to differ.