Google has pledged to give $163m to news publishers and journalism-focused start-ups in Europe over the next three years.

At the Financial Times Media Conference this morning, Google’s president of strategic partnerships for Europe, Carlo D’Asaro Biondo admitted that the company had made mistakes in its development of Google News.

D’Asaro Biondo formally announced Google’s new Digital News Initiative, the funding of new digital news products, and said that the company wants a less conflicted relationship with newspaper owners who believe that Google is taking their content, displaying it free, and stealing their advertisers, according to Business Insider.

The search-giant has said that the money is to help news organisations earn money from their own online coverage. The move displays Google’s hopes of repairing its battered relationships with newspaper owners who have has to comply with Google’s rules to see their articles indexed online.

The Financial Times, the Guardian, Les Echos in France and Die Zeit in Germany are among the companies to back the initiative.

D’Asaro Biondo said: “Google has always wanted to be a friend and partner to the news industry. I think we at Google have to accept we have made some mistakes along the way.”

“We are determined to play our part in ongoing dialogue and business partnership with the aim of building something more sustainable.”

The news comes hot on the heels of allegations from the European Union that Google is abusing its position as market leader by prioritising its own services in search results.