Yahoo is teaming up with radio station giant Clear Channel, expanding on its strategy to offer exclusive content to counter Facebook and Google - all aiming at web advertising revenue.
The relationship involves the distribution and cross-promotion of content in addition to a live concert series to the audience of the Yahoo Media Network and Clear Channel Media and Entertainment's listeners, plus their websites and the audience of iHeartRadio, Clear Channel's digital radio service.
Through this multi-year deal, iHeartRadio, which delivers instant access to more than 1,000 of live broadcast and digital-only radio stations plus commercial-free Custom Stations, will become Yahoo's premier digital radio service. Yahoo and Clear Channel content will be cross-promoted on iHeartRadio.com, local radio station websites, and the entire Yahoo Media Network, including Yahoo's entertainment sites Music, Movies and omg. Yahoo will also become the exclusive web and mobile destination for music lovers to experience the 2012 iHeartRadio Music Festival and a concert series of other Clear Channel music events via a live webcast from cities across the U.S.
"We were thrilled when Ross approached us about this partnership. We like the direction Yahoo! is going and by working together we can accelerate growth for the both of us," said Bob Pittman, Clear Channel CEO.
"Clear Channel has accelerated their digital strategy overnight under Bob's leadership," said Ross Levinsohn, Interim CEO of Yahoo!. "Yahoo! is excited to be the exclusive digital streaming partner for the biggest music events of the year including the iHeartRadio Music Festival and additional concerts. This partnership will expand our ability to provide consumers and advertisers with the best premium content available and provide Clear Channel with unmatched digital reach."
Yahoo has striked similar deals with ABC News and CNBC to give prominence to stories from those providers on its websites while producing original video that it aims to sell to advertisers for a premium.
The moves are part of Yahoo's push to move beyond being just a Web portal. The company hopes to become a media company that produces content and captures a bigger share of the display and video ad market.