OK! Magazine has brokered a strategic partnership with entertainment-centric online media company Buzz Media—and the first fruit of the deal is the relaunched OKmagazine.com. The companies describe the new site, which Buzz Media redesigned and built, as a “joint venture;” Buzz Media CEO Tyler Goldman told us the deal included “revenue sharing across a number of areas,” including online ad sales and a small portion of print sales. “OK! breaks large stories, and their online coverage drives sales on the newsstands, in subscriptions and in print ad revenue,” Goldman said. “This deal is reflective of that.”

The deal also includes content-sharing: the new OKmagazine.com features a header that links back to Celebuzz (the celebrity news site Buzz Media hired former TMZ exec Alan Citron to run last year), and OK! Magazine stories will show up on other sites within Buzz Media’s network.

Universal Pictures’ new Sacha Baron Cohen film, Bruno, is the relaunch sponsor; the homepage content is sandwiched between two skyscraper banners, and there’s a Bruno-inspired rating system readers can use to rank their favorite stories. The companies said more social tools were coming down the pike, as well as better quality video.

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