(Reuters) – Yahoo Inc (YHOO.O) and CNBC have formed a content sharing partnership, the companies said on Wednesday.
As part of the deal, CNBC will provide stories and videos that will be featured on Yahoo Finance pages. Yahoo and CNBC will co-create original videos that will appear on Yahoo, CNBC.com and mobile devices and will be promoted on the cable channel.
“This partnership is a key step forward in Yahoo’s strategy to become a premium media network,” said Robertson Barrett, vice president of news and finance at Yahoo.
Yahoo Finance is one of the most visited business destinations on the Internet and CNBC is the dominant business news cable channel.
Yahoo is no stranger to striking alliances with media companies and this partnership furthers its ambitions to become one of the top destinations for news and entertainment. For instance, it has a deal with Walt Disney Co’s (DIS.N) ABC News to use its content and jointly produce journalism projects.
The alliance with CNBC is a way to extend both Yahoo’s and CNBC’s audiences across the Internet and entice advertisers to pay premium prices. CNBC and Yahoo Finance have a combined unduplicated online audience of more than 40 million people, according to comScore data.
“We have really high quality audiences and we have great content,” said Kevin Krim, general manager of CNBC Digital.
Neither Krim nor Barrett would go into the terms of the multi-year deal but they said it included a share in revenue from advertising.
Yahoo and CNBC said they will maintain their relationships with other media companies. Yahoo, for instance, has partnerships with Reuters, the Associated Press and Dow Jones.
Comcast Corp (CMCSA.O) controls CNBC.
(Reporting By Jennifer Saba; Editing by Richard Chang)
