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Yahoo Finance, CNBC Ink Video, Content Deal
Yahoo Finance and CNBC have announced a partnership that will allow the two brands to share content and create original video programming.
According to some technology insiders, the running narrative attached to the ups and downs at Yahoo is: An iconic Internet company that still hasn’t found its competitive identity in the new era of digital media. However, over the last few years one section of the company, Yahoo Finance, has quietly become a powerful brand of its own, garnering the respect of Wall Street and the loyal patronage of amateur stock pickers. Now Yahoo is aggressively leaning into that success with the announcement of a major partnership with financial news powerhouse CNBC.
The new arrangement will see the two brands combining their resources to offer original news content on the Yahoo Finance and CNBC.com websites. In addition to news, the deal will also include a slate of new online video shows, a special focus on luxury content, as well as cross-promotional appearances of Yahoo Finance personalities on CNBC’s television network.
“This collaboration is about two leaders in their respective spaces coming together,” Mark Hoffman, president and CEO of CNBC, 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.”
In addition to firming up its competitive position versus Bloomberg, the Yahoo deal is also a hint at where Ross Levinsohn, the interim CEO of Yahoo, plans to take the company. Just last month the company was embroiled in an executive controversy over the academic credentials of CEO Scott Thompson, which led to his unceremonious exit from the company on May 13. The damaging public spectacle reminded many of the ugly ouster of Carol Bartz as Yahoo CEO just nine months ago, an episode that highlighted the company’s ongoing struggle to find its footing as an aging Internet brand amongst a new breed of online competition.
Levinsohn is seen by some as a chance for the company to move further away from its search engine roots and get back to its mission of “content first,” a vision originally espoused by former Yahoo CEO Terry Semel. In a statement, Levinsohn highlighted the possibilities of the new deal. “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,” he said.
By Adario Strange, PCMag