Magnite Inc - MGNI STOCK NEWS

Magnite (Nasdaq: MGNI) has announced a proposed offering of $350 million in convertible senior notes due 2026 in a private placement. The offering is subject to market conditions and may include an additional $50 million if the initial purchasers exercise their option. The notes will have flexible terms, including interest payment and conversion options into cash or common stock. A portion of the proceeds will fund capped call transactions and the acquisition of SpotX, pending regulatory approvals. The offering is not contingent upon finalizing the SpotX acquisition.

Magnite (NASDAQ: MGNI) released its "CTV: The Future Forward" report, surveying 10,500 consumers across the EU5—UK, France, Germany, Spain, and Italy—to analyze TV consumption trends amid the growing popularity of Connected TV (CTV). Key findings indicate that 82% of respondents watch CTV weekly, with the UK having the highest engagement. Furthermore, 83% prefer ad-supported services, highlighting a significant opportunity for advertisers as CTV adoption rises. The report also emphasizes the effectiveness of CTV advertising, noting that 72% of viewers take action after viewing ads.

Magnite (NASDAQ: MGNI) reported fourth quarter 2020 revenue of $82.0 million, a 69% year-over-year increase. Full year revenue reached $221.6 million, up 42% from 2019. CTV revenue rose 53% in Q4 2020, totaling $15.3 million, while OLV revenue grew 35%. Net income was $5.9 million, up from $1.5 million in Q4 2019. The company expects Q1 2021 revenue between $58 million and $62 million. The acquisition of SpotX is set to enhance its position in the fast-growing programmatic marketplace.

Magnite, the largest independent sell-side advertising platform, announced its definitive agreement to acquire SpotX from RTL Group for $1.17 billion in cash and stock. This acquisition will create the largest independent CTV and video advertising platform in the programmatic marketplace, enhancing support for sellers and providing an alternative to larger competitors. Magnite targets over $35 million in operating cost synergies, with expectations to realize more than half within the first year. The transaction is anticipated to close in Q2 2021, pending regulatory approval.

Magnite (NASDAQ: MGNI) launched the open beta of Unified Decisioning, a solution designed for CTV and OTT publishers to optimize yield by integrating direct sold and programmatic demand channels. This tool enables publishers to define how these channels compete, enhancing control and efficiency. The solution is ad server agnostic and offers real-time analytics, benefiting programmatic buyers with better insights into inventory. Industry players like Seven West Media and The Trade Desk have expressed positive initial results, highlighting its potential to improve the video marketplace.

Magnite (NASDAQ: MGNI) will release its financial results for Q4 2020 on February 24, 2021, after market close. A conference call will follow at 1:30 PM PT / 4:30 PM ET to discuss results and future outlook. The call can be accessed via toll-free numbers (844) 875-6911 for domestic and (412) 902-6511 for international callers. A webcast of the call will also be available on Magnite's investor website.

Magnite is recognized as the largest independent sell-side advertising platform, providing technology for publishers to monetize content across multiple formats.

Magnite (Nasdaq: MGNI), the largest independent sell-side advertising platform, announced that CEO Michael Barrett will participate in a fireside chat at the 23rd Annual Needham Growth Conference on January 11th at 1:15 PM ET. The event will be hosted by Laura Martin from Needham. A live webcast will be available in the 'Events and Presentations' section of Magnite's investor relations website, with a replay accessible for 180 days after the presentation.

Magnite (NASDAQ: MGNI) has partnered with Crackle Plus to enhance advertising transparency via its TV content reporting product. This collaboration allows Crackle Plus to share detailed content metadata with advertisers, improving insights into bidding and buying behaviors in real time. The partnership aims to validate the premium nature of Crackle Plus' programming, which sees 50 million streams monthly. Advertisers gain greater confidence in their purchases, aligning with the growing demand for premium connected TV content.

Magnite (NASDAQ: MGNI) reported a significant milestone with over 50% year-over-year growth in total connected TV (CTV) revenue for Q3. The company's CTV technology positions it as a preferred sell-side platform for content creators and advertisers targeting valuable audiences.

This growth correlates with a shift in advertising spend, as consumers increasingly cut traditional pay-TV connections. Magnite's CTV ad requests surged by 57%, and advertisers leveraging audience targeting features grew 2.5 times year-over-year.