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Google has entered an agreement to compensate the Associated Press for stories and photographs. Google suggested that the content will become the basis of a new product that will launch in the next several months. The as-yet-undefined product will complement the popular Google news offering. The Associated Press is a 160-year-old nonprofit news cooperative that is owned by U.S. news companies. AP reported 2005 revenues of US$654 million, of which roughly 14 percent is from online sources. Both parties signed nondisclosure agreements and terms were not disclosed. (Sources: AP, Boston Herald, AOL Money)

(Note: AP issued a correction: AP’s online revenue is 14 percent, not the 20 percent sourced from the original AP story. A correction has been made here to reflect the update from AP.)

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