Remember last winter when Google announced their print ad sales program? The search company bought ad space in magazines and newspapers, chopped it up into smaller sizes and began selling it to its AdWords customers. Well, Tom Phillips, with the somewhat incongruous title of director of print ads at Google, sat for an interview with Paidcontent.org’s Rafat Ali at the DeSilva + Phillips Media Dealmakers Summit last week and revealed magazines no longer fit the formula.

Phew, I think.

Newspapers, however, have become the preferred partner for their program. “One of the things we learned was high frequency was better. Daily newspapers are a better partner for us than other media,” said Phillips.

Phillips added that the program is about to graduate from alpha to beta mode sometime this spring, with roughly 30 newspaper companies, and their large metropolitan dailies, on board. The program has, he said without offering details, “exceeded our own benchmark by two-and-a-half times.”

He also noted that just because newspapers are in a slump doesn’t mean there’s no potential left. “This is a $47 billion market in the U.S. We think it’s been beaten down so much there’s some value we can bring back.”

The value of the program, says Phillips, will essentially be twofold. Newspapers potentially get advertisers that wouldn’t normally think to use that medium, and the marketers will be able to fine-tune their campaigns with better impact measurement tools.

According to Phillips, the newspapers enter available inventory into the program and sit back and wait for the bids to roll in. The papers are offering inventory sizes and sections that don’t already have national advertisers in them.