Internet giant to pay media company $900 million.

Google will pay News Corp. $900 million to provide search and advertising services for MySpace and over a dozen other Fox Interactive controlled sites.

Under terms of the multi-year agreement, Google will be the exclusive search and keyword targeted advertising sales provider for Fox Interactive Media's network of sites. Google will also have a right of first refusal on display advertising sold through Fox Interactive's network.

In exchange, Google is on the hook for $900 million in guaranteed minimum revenue share payments to Fox Interactive, based on Fox achieving certain traffic and other commitments. The payments are expected to kick in during the first quarter of 2007 and run through the second quarter of 2010. Integration of Google technology will begin in the fourth quarter of 2006.