Reuters (NSDQ: RTRSY) has done an unusual deal with International Herald Tribune (owned by the New York Times), under which the two would launch a co-branded daily online and print business report for the IHT newspaper from next month. The Paris-based newspaper will share ad revenues with Reuters on the ads that appears adjacent to the articles in its print and Web editions. This as opposed to paying Reuters a subscription fee, the typical agency-news source deal. Reuters clarified to us: “While the collaboration is a new type of deal for Reuters, our news agency subscription model still very much stands with clients around the world, including the IHT. This type of new strategic editorial collaboration is in addition to the subscription model, not a replacement.” Reuters is looking to make similar arrangements with other newspapers around the world, reports WSJ.

This also means and end to IHT’s deal with Bloomberg, which has provided the paper with several pages of business articles a day since 2002 in Asia and since 2005 in Europe (the deal is ending this month). IHT will rename the section Business with Reuters in Europe and Business Asia with Reuters in Asia.

Reuters also will provide video reports to the IHT Web site, and IHT articles will be made available to Reuters’s corporate clients. IHT will still be allowed to use content from third-party news providers.

IHT: Monique Villa, a managing director of Reuters Media, said that Reuters would eventually like to extend its alliance beyond the IHT to NYT newspaper and its website.