In an attempt to improve its financial news coverage reputation, CNBC has entered into a content partnership with Yahoo (NASDAQ:YHOO) Finance. CNBC is already a dominant business news cable channel, but it does not match up to the same level on the web. Yahoo Finance is one of the most visited business destinations on the Internet.
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CNBC will provide stories and videos to be featured on Yahoo pages, and the two will co-create original videos that will appear on Yahoo, CNBC.com, and mobile devices, as well as on CNBC’s cable channel.
“This collaboration is about two leaders in their respective spaces coming together,” CNBC chief executive Mark Hoffman said in a statement. “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.”
Yahoo already has content deals with several media companies, including Walt Disney’s (NYSE:DIS) ABC News, Reuters, the Associated Press, and Dow Jones. Yahoo and CNBC will both maintain their relationships with other media companies.
“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.
Neither company will pay the other for the multi-year partnership, but the two will share revenue from advertising, with the alliance expected to 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.
As of 3:15 pm EST, shares of Yahoo! (NASDAQ:YHOO) traded lower 18 cents at $15.29, while shares of Comcast (NASDAQ:CMCSA) traded down 45 cents at $30 per share and General Electric (NYSE:GE) traded was off 21 cents at $19.27 per share.