Sometimes the relationship results in a strategic announcement; other times it's as simple as a joint webinar. Let's use the latter for an example of how co-marketing emails work, and why they're so beneficial: Let's say you and another company decide to do a webinar together on a particular subject. As a result, that webinar will likely (pending your arrangements) be promoted to the email lists of both of your companies. This exposure to a list that is not your own is one of the key benefits of co-marketing partnerships.
This is essentially a smaller “digested” version of the newsletter. Depending on what you want your digest to contain, you can automate and schedule them to be sent at regular intervals. A perfect example is collating a list of notifications for every new post you publish that is then sent to your email list once a week. Some blogging platforms will even allow your subscribers to set up their own preferences, so how often they are sent a digest for example.
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