Yahoo! is teaming up with ABC News in a bid to create a digital news powerhouse.

Yahoo! and ABC News said their "strategic online news alliance," which was unveiled at the ABC News studios in Manhattan's Times Square on Monday, will reach more than 100 million US users each month.

Yahoo! News is the top online news destination in the United States with some 80 million unique visitors a month while ABC News online pulls in around 20 million.

"At Yahoo!, our mission is pretty simple -- to be the premier digital media company in the world," said Ross Levinsohn, executive vice president of Yahoo! Americas.

"With the combined breadth and depth and experience and incredible talent at ABC we think we can revolutionize the online digital news landscape," Levinsohn said.

"The future of news and information is completely up for grabs," said Ben Sherwood, president of ABC News. "The purpose of this relationship, very simply, is to win the championship of news and information in the future."

"It is a game-changing day for us," Sherwood said.

ABC News and Yahoo! were kicking off their partnership with an interview with President Barack Obama on Monday conducted by one of the television network's star presenters, George Stephanopoulos.

Stephanopoulos will draw on questions from readers of Yahoo! and ABC News and the interview will be webcast live on and

A number of ABC News stars attended the launch event here including evening news anchor Diane Sawyer, celebrated war correspondent Christiane Amanpour and veteran interviewer Barbara Walters.

The agreement calls for ABC News to become the premier news provider on Yahoo! News and for ABC News content to be used throughout the Yahoo! News network.

The editorial teams from Yahoo! News and ABC News will also collaborate on original coverage to appear on both the Yahoo! News and ABC News sites.

In addition, Yahoo! will host a website for the ABC News morning show, Good Morning America, Yahoo! and ABC News said in a statement.