  We prove that the multiplication map L^a(M)\otimes_M L^b(M)\to L^{a+b}(M) is
an isometric isomorphism of (quasi)Banach M-M-bimodules. Here L^a(M)=L_{1/a}(M)
is the noncommutative L_p-space of an arbitrary von Neumann algebra M and
\otimes_M denotes the algebraic tensor product over M equipped with the
(quasi)projective tensor norm, but without any kind of completion. Similarly,
the left multiplication map L^a(M)\to Hom_M(L^b(M),L^{a+b}(M)) is an isometric
isomorphism of (quasi)Banach M-M-bimodules, where Hom_M denotes the algebraic
internal hom. In particular, we establish an automatic continuity result for
such maps. Applications of these results include establishing explicit
algebraic equivalences between the categories of L_p(M)-modules of Junge and
Sherman for all p\ge0, as well as identifying subspaces of the space of
bilinear forms on L^p-spaces.
