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In a reversal of a previous deal, videogame publishing giant Electronic Arts will now receive $27.5 million from AOL over the next two years to feature its games on the online service.

Under terms of the previous pact, EA paid a fee to have its lineup of online games featured on AOL’s games channel.

But a new agreement, inked during EA’s fiscal first quarter ended in June, replaced a deal signed in 1999 that called for EA to pay AOL $81 million over five years.

EA also received a refund of $18 million in July from AOL, related to terms of the old agreement.

Of the new $27.5 million fee, $20.8 million relates to existing content and will be recognized over the term of the agreement, while the rest is tied to new content yet to be developed.

AOL is allowed to keep all advertising revenue from its EA games site, up to $20 million for 2004 and up to $35 million for 2005. Beyond that, AOL will have to pay EA 50% of ad revs.

New deal was previously announced with EA’s most recent quarterly earnings report, but specific financial details were revealed in a filing with the Securities and Exchange Commission on Monday.

Shares of EA rose 2% on Monday, closing at an all-time high of $86.30.