After two months of negotiations, Google and the French press have reached an agreement that will allow French publishers to help increase their revenues using Google's technology. In addition to the advertising-related deal, Google will create a EUR 60 million Digital Publishing Innovation Fund to help French media organisations improve their internet operations. French president Francois Hollande's office said on Twitter that "France is proud to have reached this agreement with Google, the first of its kind in the world". French newspapers and magazines wanted compensation for Google News offering free access to their articles. Google argued that the media websites benefit from its traffic-generating platforms. Announcing the agreement, CEO Eric Schmidt said Google agreed to create the fund to help support "transformative digital publishing initiatives for French readers". He referred to Google's commitments to increase investment in France, including its recently opened Cultural Institute in Paris.
