In a replay of déjà vu, Yahoo! and Clear Channel have announced an agreement for a “multi-faceted relationship [that] involves the distribution and cross-promotion of premium content.”

Similar to the very recent Yahoo!/Spotify deal, Yahoo! will be working a lot with Clear Channel’s iHeartRadio digital media distribution platform and promoting that platform on Yahoo! Media Network sites.

IHeartRadio will become Yahoo!’s “premier digital radio service,” according to the companies. For its part, Yahoo! will be the “exclusive web and mobile destination” for such select content as the 2012 iHeartRadio Music Festival and other Clear Channel-generated events.