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Google To Pay €60 Mln To Support Digital Publishing In France

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2/1/2013 11:00 PM ET

Google Inc. (GOOG: Quote) agreed to pay 60 million euros or $82 million Digital Publishing Innovation Fund to help French media develop their presence on the Internet under a deal announced on Friday.

French publishers had been pushing for Google to pay them licensing fees for listing headlines and snippets of articles in its search engine results.

Under the agreement, Google would create the new fund and work with French publishers to help increase their online revenues, "using our advertising technology." Google's Executive Chairman Eric Schmidt said in a company blog post.

Schmidt noted that Google's action in France was announced jointly with France's president, François Hollande. The French government has been acting as an intermediary for the copyright dispute.

In December, the company settled a similar case with Belgian publishers by helping them boost online revenue, but still faces a dispute with publishers in Germany.

Google closed Friday at $775.60, up 2.63 %, on a volume of 3.75million shares on the Nasdaq. But, in after hours, the stock down $0.40 or 0.05%.

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by RTT Staff Writer

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