CNBC and Yahoo! Finance announced a deal Wednesday in which the business news cable network will become the top content source for Yahoo's financial news arm.
Conversely, CNBC will be providing a broadcast platform for Yahoo! Finance's original content and contributors, the two companies said in a joint statement. The deal is effective immediately and will allow CNBC content to be integrated into Yahoo! Finance and the Yahoo! Homepage.
The statement said the two companies will maintain editorial control of their respective sites.
In addition, later this year the two companies will team up for co-branded, original videos that will appear on CNBC.com and on Yahoo! Finance. "Yahoo! Finance’s journalists will contribute to CNBC’s Business Day programming and CNBC clips, news and analysis will be prominently integrated into Yahoo! Finance and featured across the Yahoo! network," they said.
"This collaboration is about two leaders in their respective spaces coming together,” said Mark Hoffman, President and CEO of CNBC. “With CNBC taking a central role on the biggest business news site in the world, we now have the ability to provide real-time news, analysis and information to a larger audience and offer unmatched advertising solutions for marketers looking for access across multiple platforms."
"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 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 controls CNBC.
(Msnbc.com is a joint venture of Microsoft Corp. and NBCUniversal, which is majority-owned by Comcast.)
Reuters contributed to this report.