Google, AP reach new deal on licensing rights

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The transition has been bumpy so far. The AP’s revenue declined nearly 10 percent last year to $676 million, and management anticipated another drop this year as it cuts fees for newspapers and broadcasters. The financial slump prompted the AP to lay off about 90 employees from its news staff late last year, the biggest cutback at the cooperatives in decades.

Google, meanwhile, has been thriving, even during the worst U.S. recession since World War II. The company earned $6.5 billion on revenue of nearly $24 billion last year. Its net income is up by more than 30 percent so far this year, compared with last year.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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