Reuters Group PLC announced Monday it has signed a deal with the International Herald Tribune to provide the paper with content for its business section, creating a new revenue model in which both parties will share advertising revenue.

The agreement, which launches a co-branded daily online and print business report, breaks the tradition that newspapers pay a subscription fee to wire services for accessing the news.

“The deal was an exciting first step in what promises to be a rich and fruitful relationship with the IHT and The New York Times Company as a whole,” Monique Villa, managing director of Reuters Media stated, according to Editor & Publisher.

Beginning Jan. 7, the business editions of the IHT, both in print and online, will be renamed "Business with Reuters" in Europe and "Business Asia with Reuters" in Asia-Pacific editions, and both will be edited in close collaboration with Reuters editors, Editor & Publisher reported. Content will also be featured on Reuters financial terminals and on its Web site.

"We have expanded the scope and depth of our news file, bringing in more context and analysis to better help our customers join-the-dots," said David Schlesinger, editor-in-chief of Reuters.

IHT editors will still hold full editorial responsibility over the content, and will still have the ability to use content from other news providers.