News Corp Australia will be half paid in shares under a lead generation deal with comparison site iSelect worth "a minimum of $4.5 million".

Starting next year, News will be paid equally in shares and cash for lead generation, content creation and the value of converted sales. The agreement limits the shares earned to five per cent of iSelect's total issued share capital each year.

In a statement to the Australian Stock Exchange, iSelect chief executive Warren Hebard (pictured) said the partnership would be be "expertly tailored" to its business model, and commented on how well News had understood its business objectives.

The agreement went "well beyond... traditional media buying" and would "deliver topline revenue growth within agreed ROI metrics".