If Bloomberg News’ sources are to be trusted, iHeartMedia is close to reaching an agreement that would see Netflix license video podcasts distributed by the nation’s leading audio content creator and distributor. That sparked a buying frenzy for iHeartMedia shares, which have seen a sharp depreciation in value over the last five years.
At press time, iHeartMedia did not respond to RBR+TVBR’s request for comment on the report. Investors eager for growth from the company led by CEO Bob Pittman and COO/CFO Rich Bressler did, sending “IHRT” shares past the $4 mark to $4.0686 as of 3:38pm Eastern — a 39.5% gain from Monday.
While that’s exciting news for iHeartMedia, which remains focused on reducing its debt leverage, IHRT shares are still down some 62% from June 2021.
The Bloomberg News report quotes people familiar with the matter in suggesting Netflix is seeking exclusive rights to video versions of iHeartMedia’s podcasts. Notably, this would prevent full episodes from being uploaded to YouTube and mirror a Spotify arrangement with Netflix.
The podcast slate in the iHeartMedia library ranges from a video version of popular R&B station syndicated morning program “The Breakfast Club,” to “Las Culturistas,” “Jay Shetty Podcast,” and “Stuff You Should Know.”
