The multi-year agreement will also see Google providing advertising for News Corporation's other sites run by Fox Interactive Media.
As part of the deal, Google will power the search on MySpace and other Fox properties.
Google's Adsense advertising program will be the exclusive provider of text-based ads on MySpace.
As part of the agreement, Google is required to pay Fox a minimum of $900m share of revenue provided Fox meets certain traffic levels and other commitments.
"MySpace.com is a widely acknowledged leader in user-generated content, and incorporating search and advertising furthers our mission of making the world's information universally accessible and useful," said Eric Schmidt, chief executive officer of Google.
Ross Levinsohn, president of Fox Interactive Media, said the partnership with Google would allow the two companies to expand their businesses together and the "combined scale will provide substantial growth for our businesses".
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