New York Times Gets $100M Deal With Google
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Google and mainstream news outlets are happy to partner up.
The New York Times just secured a $100 million content-distribution deal with Google.
This comes as multiple media outlets have reduced their staff.
The New York Times will receive a $100 million payout from Google over three years as part of a content-distribution deal, providing the newspaper with a hefty revenue cushion during what will likely be a down year for the journalism industry.
While the agreement was announced earlier in the year, the monetary sum was unknown until this week, when sources revealed it to the Wall Street Journal. The deal will involve content distribution and subscriptions, as well as using Google tools for marketing and ad-product experimentation. The Times‘ revenue boost comes at a time when many media brands have been suffering ad-revenue decline.
As of January, multiple news publishers across the U.S. reduced their staffs in anticipation of advertisers cutting spending. Vox Media, the publisher of New York Magazine, Curbed and SB Nation, in January axed 7 percent of its employees, the Journal noted. Dow Jones & Co, the Journal’s parent company, as well as BuzzFeed Inc., also laid off some staff.
Google has propped up the mainstream press before.
But Big Tech was always ready and willing to bail out the media voluntarily, as evidenced by Google’s latest deal with the New York Times.
Google will pay the left-leaning establishment newspaper approximately $100 million over three years as part of a broad deal to allow the tech giant to feature the NYT’s content across its platforms.
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The deal follows other bonanza payments from Google to media companies, including Rupert Murdoch’s News Corp, whose lobbyists pushed heavily for the JCPA while Democrats controlled Congress.
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It’s not the first time Google has devoted large sums of money to propping up the legacy media. In 2019, it committed $300 million to “elevate and strengthen quality journalism.”
Google approved the massive payout for the New York Times despite the fact that the newspaper already has a robust revenue total of $2.3 billion from a variety of sources last year.
Big Tech bailout.
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