Media Shares Rally Strongly Following Exclusive Deal With Global

A Texas-based media company found tremendous success mid-week after it was announced that the company had entered into an exclusive deal with Global, a radio and outdoor media company based in the United Kingdom. According to the release, under this deal, the two sides will license, distribute and represent each other’s podcast portfolios.

This sent shares of iHeartMedia Inc. (Nasdaq:IHRT) soaring on Wednesday, with shares going on to close up at $2.48/share (+18.10%). This move is a breath of fresh air for long term holders that have been watching the share price decline over the last few months. 

iHeartMedia Inc is a US-based diversified media and entertainment company. It operates through the segments of the Multiplatform Group, the Digital Audio Group and the Audio & Media Services Group. The company derives prime revenue from the Multiplatform Group segment which includes the company's Broadcast radio, Networks and Sponsorships and Events businesses. The Digital Audio Group segment includes all of the company's digital businesses, including podcasting; and the Audio & Media Services Group includes Katz Media Group, a full-service media representation business, and RCS Sound Software, a provider of scheduling and broadcast software and services.

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