Last week, Facebook settled the score with Yahoo, which turned out to be the best thing for Yahoo. The company was able to cross-license patents Facebook acquired from Microsoft and also put Yahoo into a mutual advertising partnership with the social networking giant, allowing them to form a platform that would bring Yahoo content onto Facebook. Yahoo is continuing the run of good fortune for them as this week they've entered into another deal, this time with Clear Channel.
Yahoo will be aligning itself with Clear Channel in order to further their cross-promotion and distribution campaign with well-established names. Yahoo will now also be able to use the iHeartRadio platform as part of their music service. Also in the long-term agreement is Yahoo will now stream over ten of Clear Channel's live events per year, including the infamous iHeartRadio multi-day concert live from MGM Grand in Las Vegas.
CEO Bob Pittman of Clear Channel said that Yahoo's fill-in CEO Ross Levinsohn came up with this idea and Pittman decided to roll with it.
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.
This puts Clear Channel in the list with Facebook, ABC News and CNBC as companies that Yahoo has come to agreements with as of late. The difference here is that now Yahoo has a terrestrial radio giant on their side, which will allow them to promote Yahoo created content across all of the 850 radio stations under the Clear Channel umbrella. While the financials were not disclosed to the press, it seems that Yahoo has seemingly admitted defeat on their search engine and have instead decided to bring in outside partners in order to directly impact the traffic they see on the content they produce. Perhaps this is the saving grace for Yahoo and the company will turn around from the disaster that has been the past two years.