Yahoo and NBC Universal’s Spanish-language broadcaster Telemundo are combining their U.S. Hispanic-targeted Internet properties in an effort to expand their connections with Hispanic consumers.

The new project, Yahoo Telemundo, will replace the existing sites of Yahoo en español and Telemundo’s Telemundo.com, the companies said Wednesday in a statement.

The alliance marks a deepening of the relationship between established media companies and the most powerful Web players. Yahoo Telemundo, the first partnership between a national Hispanic television network and an established Web site geared toward Spanish-speakers, will combine Telemundo shows with Yahoo’s services such as Internet search and e-mail.

Under the agreement, Yahoo, which runs the most-visited group of Web sites, and Telemundo.com will merge staff and share advertising revenue. Neither company will make an equity investment in the other. Luis Romero will lead sales efforts for the project.