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Hot on the heels of news of Google's agreement to run MTV Networks' videos on its AdSense network, Google has announced a blockbuster deal that will have it powering search and keyword targeted ad sales on MySpace and other Fox Interactive Media properties.

The multi-million dollar deal between Google and Fox Interactive Media will have the search advertising giant making minimum share payments of $900 million to Fox, contingent on Fox "achieving certain traffic and other commitments," Google noted in a statement.

The 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. Very importantly, it maneuvers Google into the heavily-trafficked MySpace social networking site.

Google will be very busy during the period. More details of the agreement, which gives Google an astonishing amount of power in the deal, were noted in the statement:

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.
"This deal is the next step in our evolution as a significant interactive player," said Ross Levinsohn, President of Fox Interactive Media.

In addition to MySpace, Fox properties that will get the Google treatment include the IGN.com videogame site, movie review site RottenTomatoes.com, and men's lifestyle portal AskMen.com.

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David Utter is a staff writer for WebProNews covering technology and business.