In yet another online video announcement, CBS Corporation and Yahoo! signed a deal to make local news video from 16 of CBS's owned stations available on the Yahoo! news portal.

Yahoo! News users will have access to 10 to 20 local news video stories per day, from each of the 16 markets. The video includes breaking news stories, as well as other locally-focused features and reports.

Yahoo! will highlight the local video to users who select a city or zip code within a CBS owned station market. The markets covered under this agreement include New York, Los Angeles, Chicago, Philadelphia, San Francisco, Boston, Baltimore, Salt Lake City, Dallas, Minneapolis, Miami, Denver, Sacramento, Pittsburgh, Austin, and Green Bay. The video will be station-branded and can be found on the Yahoo! homepage and throughout Yahoo! News. On Yahoo!'s local news pages, video will also include links to the station's website where users can view additional local video and stories.

"This is the first of its kind for a local TV station group -- our local TV station video will now be available to millions of Yahoo! News' users everyday, providing them with our CBS Station's extraordinary local news coverage from every one of our markets," said Jonathan Leess, President, CBS Television Stations Digital Media Group. "Finding new platforms to distribute and monetize our industry-leading content has always been a core strategic initiative of our company, and this deal accomplishes both."

CBS and Yahoo will share revenue from advertising sold adjacent to CBS Stations' content on the site. But will the new initiative prove profitable?