On Thursday The Associated Press, The New York Times Co. (NYSE:NYT), The Washington Post Co. (NYSE:WPO) and several other members of the news industry came together to form a new company called NewsRight. The aim of NewsRight is to monitor how widely original content of media outlets is being spread, and let them license content to interested partners.

Mashable quoted former ABC News (NYSE:DIS) president and founder of NewsRight David Westin, who said, “NewsRight is designed to address an issue in the marketplace of an increased appetite for news but some real challenges to supply. There is a flaw in the business model right now. Value is not going to those who pay, and we want to correct the imbalance.”

NewsRight will provide a News Registry that will monitor websites, blogs and other Internet aggregators to see how widely original news stories are being spread. Participants of NewsRight will encode their title and articles with HTML code to aid in tracking the content.

The registry will report when and where the stories are being read. While some news sources may see the dissemination of their work as free advertising, other participants may use the information to seeking licensing contracts and fees. NewsRigth has been in the works for three years and already has an extensive network of 29 co-investors and 30 additional participating companies, representing more than 800 web sites of U.S. newspapers according to Mashable.

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