And who said MySpace can’t make a tidy sum of money these days? Traffic, however diluted, still sells. Now, Google is assuring MySpace a cool $0.9 Billion in revenue from search.

The agreement calls for Google to power web, vertical and site specific search for MySpace.com and the majority of Fox Interactive Media properties. Google will be the exclusive provider of text-based advertising and keyword targeted ads through its AdSense program, for inventory on Fox Interactive Media’s network. Google will also have a right of first refusal on display advertising sold through third parties on Fox Interactive Media’s network.

Under the terms of the agreement, Google will be obligated to make guaranteed minimum revenue share payments to Fox Interactive Media of $900 million based on Fox achieving certain traffic and other commitments. These guaranteed minimum revenue share payments are expected to be made over the period beginning in the first quarter of 2007 and ending in the second quarter of 2010. {more here}

That’s about $300 Million per year. Not bad at all. Rupert Murdoch must be happy knowing his $580 Million purchase is paying off.

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