Telecom New Zealand has created a joint venture with internet search firm Yahoo! and Australian broadcasting network Seven to produce new content for Telecom’s high speed internet portal Xtra. Telecom is taking a 49% stake in the new firm, which has been christened Yahoo! Xtra. The venture, which is due to be launched next March, will offer an enhanced range of news, entertainment and messaging services to broadband internet users. Telecom NZ CEO Theresa Gattung commented: ‘"The Yahoo! Xtra joint venture will provide New Zealanders with access to the world’s best online services in a localised way.’ Yahoo! has already formed similar ventures with the likes of BT in the UK, Verizon Communications in the US and Rogers in Canada.