The World Association of Newspapers (WAE) says it opposes a pending deal on advertising between Yahoo and Google. The Paris-based group wants EU and U.S. regulators to block the deal on antitrust grounds.

WAN says the agreement would reduce the cost of paid search advertising and lower revenue for newspapers’ and others’ Web sites, which receive payment from the online giants.

WAN says it fears the deal would give Google “unwarranted” market power in parts of the online ad business.

Yahoo and Google say the deal only affects North America, but WAN alleged Monday that European newspapers would be affected.