Magnite Stock Rises Over 20% on Its $1.17 Billion Deal for SpotX

1 min read

Shares of advertising platform Magnite (NASDAQ: MGNI) — product of the merger between The Rubicon Project and Telaria last summer — are up over 20% today. The company is building on its strength in connected TV (CTV) by acquiring SpotX from RTL Group for $1.17 billion. The deal will create the largest stand-alone CTV and video-advertising platform, exceptional positioning given the preliminary fourth-quarter 2020 results Magnite just reported.  

Even before the pandemic struck last year, streaming TV was a hot industry. With consumers stuck at home, COVID-19 has accelerated their migration to internet-based streaming and video. Magnite said its CTV revenue grew 53% year over year in the fourth quarter of 2020 (compared with stand-alone results from the Rubicon Project and Telaria last year) to $15.3 million, or just shy of 19% of its total revenue of $82 million in the fourth quarter.  

Image source: Getty Images.

Continue reading

Leave a Reply

Your email address will not be published.

Previous Story

Why SPAC Churchill Capital IV’s Stock Is Higher Today

Next Story

Why Rekor Systems Stock Dropped Then Jumped Friday

Latest from Blog

Is Amazon Undervalued?

When Amazon (NASDAQ: AMZN) reported its fourth-quarter earnings earlier this month, it was hard to find…