Time Warner (TWX) CEO Jeff Bewkes, never a fan of synergy to begin with, seems to have completely given up on the notion when it comes to AOL. Another case in point: his cable TV unit, Turner Broadcasting, just inked a comprehensive content-and-advertising deal with ... Yahoo (YHOO).
Turner runs the official league pages under contract for the NBA, PGA and NASCAR; in the deal, Turner will give Yahoo Sports exclusive content, and Yahoo will hand over sports ad inventory, creating a big sports network for Turner to sell. Yahoo will give Turner better ad targeting abilities, so it can sell based on consumers' affinity for NASCAR or golf. Sounds like a good deal. Too bad AOL couldn't land it.
*UPDATE: We're told this Yahoo deal is non-exclusive and Turner is also in talks with corporate cousin AOL. Why'd Yahoo get the deal first? Something to do with an important shareholder meeting coming up...
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