Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
176 Newspapers to Form a Partnership With Yahoo [New York Times]
Summary: A 7-member newspaper consortium representing 176 dailies across the U.S. announced a broad partnership with Yahoo to share content, ads and technology. The first phase of the alliance will bring the papers' employment classifieds onto Yahoo's HotJobs, which will in turn provide a platform for career listings on the papers' own sites. The deal positions Yahoo, struggling recently to regain investor confidence in its core content and advertising markets, alongside Google as a willing partner with traditional media companies. The newspaper consortium includes: MediaNews Group, Hearst, Belo, E. W. Scripps, the Journal Register Company, Lee Enterprises and Cox Enterprises. Newspaper execs see the deal as an ambitious effort to preserve their franchises amidst the growing threat of the Internet to their readership base and advertising revenue.
Related links: Denver Post: Roots of Yahoo-newspapers deal go back 18 months, WSJ coverage, Associated Press. Commentary: Yahoo's 'Peanut Butter Memo' Urges Change • Hedge Funds Now Circling Yahoo? • Pair Trade: Short Yahoo U.S., Long Yahoo Japan • Conference call transcript: Yahoo! Q3 2006 Earnings Call
Potentially impacted stocks: Yahoo (NASDAQ:YHOO), Belo Corp. (NYSE:BLC), E.W. Scripps (NYSE:SSP), Lee Enterprises (NYSE:LEE), Monster Worldwide Inc. (NASDAQ:MNST)
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