Yahoo! and CNBC team up for finance news
Internet pioneer Yahoo! and US cable news network CNBC on Wednesday launched a new drive to provide more original content both on the Yahoo! Finance website and on the air.
CNBC will dramatically expand its presence on the site, which has a monthly audience of some 40 million users, by providing news articles, video clips and analysis, Yahoo! said on its website.
Later this year the two companies will produce web videos to appear on Yahoo! Finance and CNBC.com, while Yahoo! Finance reporterswill appear on CNBC, which has a television audience of some 100 million households.
“Our mission is to create the richest and most powerful experiences for users each and every day,” said Ross Levinsohn, interim CEO of Yahoo!, in a statement.
“Partnering with CNBC will allow Yahoo! Finance to expand its offerings instantly and enhance its position as the most viewed and utilized finance site in the world.”
The two outlets will maintain full editorial control over their respective products.
Yahoo! lost its fifth CEO in as many years last month when Scott Thompson stepped down in the face of a controversy over his allegedly inflated resume.
Yahoo! has been trying to reinvent itself as a “premier digital media” company since the once-flowering Internet search service found itself withering in Google’s shadow.
Yahoo’s share of overall US online ad revenue dropped from 15.7 percent in 2009 to just 9.5 percent last year, according to industry tracker eMarketer.
While the online advertising market is expected to grow 23.3 percent to $39.5 billion this year, Yahoo’s share of revenues will fall further to 7.4 percent, eMarketer has forecast.