NEW YORK (TheStreet) – Time Warner's (TWX) CBS Sports and Turner Broadcasting have reportedly partnered with Snapchat, in a deal that allows Snapchat to feature users' March Madness videos for a 24-hour period on its site, according to a Bloombergreport. 

Although major media companies have lately been on a tear striking partnership deals with Snapchat to put their content on the site that features disappearing videos, the difference in the Time Warner-Snapchat March Madness partnership is that this particular arrangement reportedly doesn't have a "financial component" between the broadcasters that hold the television rights and the startup Snapchat, reports Bloomberg.

In the other media deals with CNN, ESPN and others, Snapchat and the media companies share in the advertising revenue generated from posting these companies' content and sponsors' ads on Snapchat. Snapchat is predominantly used by millennials and young teens, a group that advertisers are eager to woo with their products and services.

Under the Time Warner partnership, March Madness fans submit their videos of the NCAA college basketball tournament on Snapchat, which are then curated and uploaded to a section of the site that allows them to live for 24 hours before they disappear, according to Bloomberg. Typically, videos transmitted via Snapchat virtually disappear in seconds. 

According to the Bloomberg report, the first March Madness "story" was uploaded to the site on Monday. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.