New York Times, CNBC partner to thwart Fox Business Network

The New York Times Co. (NYSE: NYT) and General Electric (NYSE: GE)'s CNBC have agreed to share each other's content, a move designed to counter the synergies that the $5 billion acquisition of Dow Jones brought to Rupert Murdoch's News Corp (NYSE: NWS) empire.

Under the terms of the agreement, Times articles will be posted on CNBC's website while the cable channel's video will be on the newspaper's website, according to a story in the New York Times. Though content-sharing agreements are as common as mud, this one is worth watching because it's so high profile.

It wouldn't surprise me if the Times and CNBC eventually did joint projects, particularly time-consuming investigative stories. Also, expect the Times op-ed columnists such as Frank Rich and Paul Krugman to make more appearances on CNBC shows, no doubt much to the horror of Larry Kudlow.

Though Fox Business Network could get better ratings shouting the news over bullhorn in the middle of Manhattan, CNBC can't afford to take the fledging network for granted. After all, Murdoch now has at his disposal some of the best business journalists in the world who could whip his CNBC competitor into shape,.

NOTE: I've done freelance writing for The New York Times.