Search giant Yahoo and Telemundo, which is owned by NBC Universal Television Group, announced on Wednesday that they’re joining forces and merging their websites to create Yahoo! Telemundo, a site meant to draw users from the United States’ large Hispanic population, the Associated Press reports via BusinessWeek.
The two companies will combine their staff and share revenue generated from advertising, but neither will make equity investments in the other, according to the AP.
Both the Yahoo en espanol and Telemundo.com sites will be replaced by the new site, the AP reports.
In early-morning Nasdaq trading, Yahoo shares had dropped 30 cents to $32.19, according to the AP. Yahoo’s stock has been valued as low as $29.75 and as high as $43.66 over the past year, the AP reports.