Yahoo and Clear Channel have signed an agreement to reach a combined audience of, potentially, just over 404 million monthly listeners. The relationship involves distribution and cross-promotion of premium content in addition to a live concert series to a combined audience of the Yahoo Media Network (which reaches more than 167 million US users monthly by comScore data) and Clear Channel’s 237 million monthly U.S. listeners across 150 markets, plus their websites and the audience of iHeartRadio, Clear Channel!s digital radio service.

Just Wednesday, Yahoo announced a global partnership with Spotify, in which Spotify becomes Yahoo's on-demand music service that allows users to create personal playlists from a 16-million-song library.

The Wall Street Journal speculates that both activities are part of interim CEO Ross Levinsohn's plan to 1) refocus upon Yahoo’s roughly $5 billion online ad business, and 2) create more ad-sales opportunities through content partnerships and major events. "This partnership will expand our ability to provide consumers and advertisers with the best premium content available and provide Clear Channel with unmatched digital reach," said Levinsohn in a statement.

But don’t Clear Channel’s iHeartRadio and Spotify provide the same service? No, explains the Los Angeles Times, they are complementary. iHeartRadio continuously streams songs tailored to a user’s individual taste (like Pandora does): Users cannot pick the exact songs or albums they hear, which Spotify, does, like a 16-million-song jukebox. And iHeartRadio has its streaming concert series and other Clear Channel properties acting as a promotional vehicle.

Highlights Of The Agreement

• Content Distribution: Clear Channel's iHeartRadio will become Yahoo!'s premier digital radio service. Clear Channel claims to push out more than 100 million digital listening hours a month to 45 million monthly unique web visitors; more than 80 million downloads of iHeartRadio mobile apps; and a reach of more than 15 million fans through its station and radio personality Facebook pages.
• Content Cross-Promotion: Yahoo! and Clear Channel content will be cross-promoted on iHeartRadio.com, local radio station websites, and the entire Yahoo! Media Network, including Yahoo!'s leading entertainment sites Music, Movies and omg!. Yahoo!'s original video programs will be available in audio versions through Clear Channel as part of the content promotion.
• Live Concert Series: Yahoo! will become Clear Channel's exclusive web and mobile partner for a live concert series, including this year's iHeartRadio Music Festival, which takes place September 21 and 22 at the MGM Grand in Las Vegas. The two-day festival will feature Yahoo! as the official exclusive web and mobile live webcast partner. Yahoo! and Clear Channel will also collaborate on nearly a dozen additional events annually where Yahoo! will be the exclusive live broadcast partner of the event. Clear Channel will lead all selling of sponsorships around the iHeartRadio Music Festival and live streaming opportunities.