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Yahoo, Clear Channel strike digital radio partnership

Multi-year deal expands on Yahoo strategy of partnering with traditional media brands to cross-promote and distribute content.

Yahoo is teaming up with radio giant Clear Channel on a distribution and cross-promotional deal, expanding on its strategy of striking content-sharing deals with traditional media brands.

The companies announced a partnership late Wednesday in which Yahoo will use Clear Channel's iHeartRadio platform as its official digital radio service. As part of the multi-year deal, Yahoo will carry nearly a dozen live Clear Channel events annually, as well as live video from this year's iHeartRadio Music Festival in Las Vegas.

iHeartRadio boasts a monthly audience of about 45 million unique listeners and 80 million downloads of its mobile apps. Meanwhile, Clear Channel is the biggest player in U.S. terrestrial radio, with a reach of more than 237 million monthly users in 150 markets.

Clear Channel CEO Bob Pittman said the deal was struck on the suggestion of interim Yahoo CEO Ross Levinsohn.

"We were thrilled when Ross approached us about this partnership," Pittman said in a statement. "We like the direction Yahoo is going and by working together we can accelerate growth for the both of us."

Yahoo recently struck similar pacts with ABC News and business TV giant CNBC to jointly distribute content and programming across their networks. While those deals promote jointly produced content on both Web sites and TV, the radio partnership will also promote Yahoo-produced content on Clear Channel's 850 U.S. radio stations.

"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," Levinsohn said.

Financial terms of the deal were not revealed.