Just found out that Google is going to be running the MySpace.com Search Engine and is paying MySpace 900 million dollars to be allowed to do that.

Yow. From the Journal, more as I get it.

Google will pay News Corp. at least $900 million to be the search provider on MySpace and other sites. The move — a blow to rival Yahoo — gives Google exclusive access to one of the most popular sites on the Internet, and follows Google’s $1 billion deal to provide searches on AOL.

Google has guaranteed minimum payments based on expected revenues from search placements on MySpace.

The deal is all cash, there are traffic assumptions that they feel "comfortable" with, the deal feathers back if traffic goals are not met. "Our history is that we agree to these structures, and then we do better because of our synergies," says Schmidt.

It’s been the subject of speculation for several months that MySpace.com wanted to Search Partner and I something about that in last June - but I’m not finding the exact details.

Interesting Site Search Metric - The Propensity to Search