Magnite Scores Big With fuboTV
Magnite (NASDAQ: MGNI) shares traded 3% higher on Tuesday, even as the Nasdaq composite fell 0.5% and the S&P 500 declined 0.6%. The stock's gain was probably driven by news from Magnite announcing that sports-first streaming service fuboTV (NYSE: FUBO) selected it to be the tech company's preferred partner for programmatically marketing its connected TV (CTV) ad spots to ad buyers. This was a big win for Magnite's supply-side purpose-built CTV ad tech platform.
Over the long haul, Magnite's move to cozy up with fuboTV may pay big dividends. After all, fuboTV isn't your average streaming-TV service. It's growing like wildfire.
Image source: fuboTV.
Source Fool.com
