Taking a shot...

This is probably not the best place for this post but I always get good feedback here and know there are forum members that have website businesses so...

I have a website that offers boating reports.  I was recently approached by another website owner that offers boating news.

I'd like to work with this person but am not sure what approach to take.  I have information that he could benefit from and vice versa.

What do we do?

I don't want a simple link exchange and I don't want to sell my site.  I do want to work together somehow to get my viewers over to him for news and his viewers over to me for reports.

Any advice?