The strategic partnership brings together Yahoo’s Australian internet business, Yahoo! Australia & NZ, and the online assets and television and magazine content of Australian television company Seven Network.
Under the terms of the agreement, Seven and Yahoo will form a new 50-50 holding company that will own Yahoo! Australia & NZ. Seven and Yahoo! will each hold three of the six board seats in the entity.
Executive chairman of Seven Network Limited, Mr Kerry Stokes, said: We are building on our strengths to create a broad media company focused on the delivery of relevant content to all Australians across a number of delivery platforms. Yahoo! is the global Internet leader and their focus on developing compelling content to engage with online audiences complements our strategy.
Yahoo! Australia & NZ and Seven will combine their online teams and are expected to launch a new name and online presence in late January.
Yahoo will also combine its global content, products and technology with Seven-owned content to create an online media and entertainment experience composed of video and locally relevant content. New consumer offerings, expected to evolve over the next 12 months, will ultimately be available across online, mobile and IPTV in areas such as news, sports, entertainment, TV, games, music, and travel,
As a result of the agreement, Yahoo! Australia & NZ becomes the key platform for Seven’s ongoing development beyond broadcast television and magazine publishing as it builds its digital media division.
