UPDATE 1-CBS News to partner with GlobalPost

* CBS News and GlobalPost in news gathering deal

* GlobalPost has 70 reporters in 50 countries

* Reports will be integrated into CBS News and CBSnews.com (Recasts with confirmation from CBS News)

NEW YORK, Sept 28 (Reuters) - CBS News has reached a deal with the news website GlobalPost to use its 70 correspondents around the world to reinforce its foreign news reporting.

Financial terms of Monday's deal were not disclosed, though it comes at a time when many major broadcast and print news organizations have scaled back on international coverage because of the costs involved.

GlobalPost, which is privately held, has correspondents based in 50 countries who file stories for the organization's website and its syndication partners, like the New York Daily News and Newark-Star Ledger.

Under its latest deal, those correspondents will contribute to reports for both CBS News and CBSnews.com, the companies said. CBS News is a unit of CBS Corp (CBS.N).

GlobalPost, whose founders include Philip Balboni, creator of New England Cable News, collects revenue from both online advertising and the syndication fees, as well as some individual paid memberships to the site. (Reporting by Paul Thomasch in New York and Biswarup Gooptu in Bangalore; Editing by Tim Dobbyn)