Yahoo and NBC Universal Television's Telemundo have just announced that they will merge their Web properties targeted at the US Hispanic market into a joint Internet business, Yahoo! Telemundo.
Yahoo is developing a model whereby their international operations are merging with leading media groups. They have already done this in Australia and Japan. This is the closest such move to home. It is also yet another step in the convergence of the Internet and media and takes Yahoo one step closer to calling themselves a media company as Microsoft is now doing.
All the leading Internet portals will be media companies one day. It is just a matter of time. AOL is already there, Yahoo is half there and MSN wants to get there. That just leaves Google. Maybe they should try and merge with Apple and turn iTunes into their media cornerstone. Mmm!