Time Warner gets $300 million Google promotional credits

From Reuters, Time Warner has publicly acknowledged that it's getting $300 million in advertising credits as part of Google's deal to purchase a 5% stake in AOL.

AOL still has to participate in Google's AdWords auction system to show its ads, but now they get $300 million in free money. This should make it more expensive for existing Google advertisers, as they now have to compete with this "new money" in the system.