Google will provide text-based advertising and keyword-targeted advertss through its AdSense program, for Fox Interactive Media's network.
The deal, expected to start later on this year, means Google will also provide web, vertical and site-specific search capabilities.
Under the terms of the agreement, Google will be obligated to make guaranteed minimum revenue share payments to Fox Interactive Media of $900 million based on Fox achieving certain traffic and other commitments.
The guaranteed minimum revenue share payment is expected to be made over the period beginning in the first quarter of 2007 and ending in the second quarter of 2010.
"We believe that our innovative technologies will be of real benefit to Fox Interactive Media's growing number of users," said Eric Schmidt, chief executive officer of Google.
"MySpace.com is a widely acknowledged leader in user-generated content and incorporating search and advertising furthers our mission of making the world's information universally accessible and useful."
The deal will not only serve MySpace, but other sites such as IGN, film site Rottentomatoes and popular men's lifestyle site AskMen.
"Our partnership with Google underscores News Corp's continued evolution to become a powerful force in the digital media marketplace. To have come this far and gained this much momentum in just over a year is truly remarkable," said Peter Chernin, president and chief operating officer of News Corporation.
"This is an exciting time in our history as a forward-thinking media company and this is just the first of many steps we plan to take with Google. We look forward to expanding our relationship into many new areas over years to come."
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