CNBC, N.Y. Times to share online news video
EmptyNEW YORK -- CNBC and The New York Times will share business, technology and financial news and video online as part of an agreement announced on Monday.
Both news organizations are gearing up for a surge of competition from Rupert Murdoch's News Corp., which is making a major push into business news with its recent purchase of Dow Jones & Co., publisher of The Wall Street Journal, and the launch of the Fox Business Network cable channel.
The agreement calls for the Times to receive video and other online features from CNBC's Web site CNBC.com, while CNBC will get access to business and economics coverage from the Times' newspaper and Web site NYTimes.com.
New York Times spokeswoman Diane McNulty said no money would change hands as part of the agreement. She declined to say how long the deal would be in effect or disclose other terms of the arrangement.
While the Fox business channel is still in its infancy, Murdoch's previous entry into cable news -- Fox News Channel -- eventually blew past its main competitor, Time Warner Inc.'s CNN, in the ratings. Dow Jones is still under contract to provide business news to CNBC, but that deal runs out in 2012 and doesn't cover other news areas.
As part of Murdoch's media conglomerate News Corp., Dow Jones now has far greater financial resources and global reach than it did as a stand-alone company, making it potentially a much tougher competitor to the Times.
Murdoch has said he intends to go after the Times' national readers and advertisers, and is closely considering ways to further open up the Journal's Web site to non-paying subscribers in hopes of lifting online traffic and advertising revenues. The Times recently scrapped a program that sealed off some portions of its Web site to paying subscribers.
CNBC is part of NBC Universal, a unit of General Electric Co. The Times is the flagship property of The New York Times Co., which also owns The Boston Globe and the International Herald Tribune.