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Yahoo CEO Carol Bartz is beginning the process of revamping of a 2006 advertising agreement with a select group of newspapers.

The advertising partnership was originally formed to sell classified ads, but it will now focus on selling graphical advertisements on their websites that are targeted toward specific niche audiences (ie: car buyers, etc.).

This new system puts users into different ad-viewing categories based on the pages they visit while they are on the various papers’ websites.

Privacy enthusiasts ought to have a field day with this one.

Miguel Helft from the New York Times explains further:

This allows publishers to sell, say, high-priced travel ads not only on travel pages but also on any page visited by a user interested in travel. An advertiser may have paid 50 cents to reach every thousand visitors to a high school sports page, for example, said Leon Levitt, vice president for digital at Cox Newspapers. “Now it doesn’t matter where the page is on the site,” Mr. Levitt said. “All of a sudden we can sell that page for $15” for every 1,000 visitors who are interested in travel, he said.

The other new element of the partnership allows newspapers to sell ads on Yahoo pages, with the two sides sharing the resulting revenue. That lets newspapers promise advertisers that their messages will reach a larger portion of the local audience, helping the newspapers compete more effectively with television.

Thus far, the 100 newspapers participating in the program have reported very solid results, even amidst a major economic recession.

Reportedly, Carol Bartz sees this venture as “core” to Yahoo’s future. She certainly seems to be taking aggressive steps to make changes at Yahoo.

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