The agreement signed in Paris Friday calls for Google to contribute 60 million euros ($81.8 million) to assist France with digital innovation and raising advertising revenue.
Hollande said in a written statement the deal was "a model for effective partnership and is a pointer to the future in the global digital economy."
The settlement came in a dispute in which France attempted to place a tax on Google's advertising revenues and Google responded by threatening to exclude French publishers from its search results.
Google reached a similar deal last month with Belgian newspaper publishers, and additional deals were expected this year with other European media companies, Radio France Internationale said.
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