Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google has agreed to pay German publishers €3.2 million ($3.38 million) a year for its publication of news content pending a decision from the German patent office (DPMA) on the issue.
The U.S. search engine operator reached an agreement with Corint Media, an umbrella organization that represents the interests of German and international publishers, Reuters reports.
"The payments to Corint Media are in line with what we have already agreed with 470 regional and national publications in Germany," Google said.
The sides had previously agreed on a one-off payment of 5.8 million euros by Google since introducing new press ancillary copyright legislation in 2021.
Publishers have long criticized Google and Meta Platforms Inc (NASDAQ: META) for not paying to feature content on their platforms.
However, the companies challenged the mandate, citing a lack of sufficient revenue generated to reimburse for the use of content. Meta has blocked its news articles from the sites of countries, including Canada.
Price Action: GOOG shares traded lower by 1.11% at $140.13 on the last check Thursday.