Magnite, Inc. reports news on its independent sell-side advertising technology business, where publishers use its platform to monetize content across CTV, online video, display, audio and other digital formats. Company updates commonly cover CTV and DV+ performance, contribution ex-TAC, adjusted EBITDA, free cash flow expectations and capital actions such as stock repurchase programs.
Recurring developments also include publisher and media-owner partnerships, programmatic access to premium inventory, and product updates for SpringServe and ClearLine. Magnite news also addresses AI-supported workflow, mediation, curation and buying tools, along with executive transitions, financial conference participation and legal or competitive developments in the ad tech market.
Magnite and LG Ad Solutions have renewed their global partnership across North America, APAC, and EMEA. The collaboration has shown remarkable growth, with LG Ad Solutions' programmatic spend increasing by 103% on Magnite's Streaming SSP. LG is utilizing Magnite's SpringServe ad server for new activations, including its webOS all-in-one smart platform.
The partnership enhancement enables advertisers to access premium video inventory through Magnite's ClearLine self-service solution, with full transparency and control. In the first half of next year, advertisers will be able to use LG's proprietary first-party data and unique ad formats on the LG Home Screen through the programmatic ecosystem.
WeTV has selected Magnite's ad tech stack to enhance monetization of its video inventory. The partnership leverages BidLink solution within Magnite's SpringServe ad server to scale programmatically, while Magnite Streaming and DV+ SSPs will help maximize inventory value. WeTV, which launched in Southeast Asia in 2019, delivers premium Chinese dramas, variety shows, anime, and original content. The SpringServe ad server creates operational efficiencies and improves monetization opportunities while BidLink enables competition between traditional-direct and programmatic campaigns across multiple integrated SSPs to boost yield and increase revenue.
Magnite (MGNI) announced that TCL, the world's second-largest TV manufacturer, has chosen Magnite to enhance its streaming strategy and ad-supported business. TCL will implement Magnite's SpringServe ad server and streaming platform to manage their premium inventory. TCL shipped 25.26 million TV units in 2023, securing a 12.5% market share, and their streaming service, TCL Channel, has over 24 million global members. The partnership aims to optimize viewer experience through custom tiles and pause ad units while providing valuable insights to advertisers.
Magnite (NASDAQ: MGNI), a leading independent sell-side advertising company, reported its Q3 2024 results. Key highlights include:
Revenue: $162.0 million, up 8% year-over-year.
Contribution ex-TAC: $149.4 million, up 12% year-over-year.
CTV Contribution ex-TAC: $64.4 million, up 23% year-over-year.
DV+ Contribution ex-TAC: $85.0 million, up 5% year-over-year.
Net Income: $5.2 million, for EPS of $0.04, compared to a net loss of $17.5 million in Q3 2023.
Adjusted EBITDA: $50.6 million with a 34% margin, up from $40.3 million (30% margin) in Q3 2023.
Non-GAAP EPS: $0.17, up from $0.12 in Q3 2023.
Operating Cash Flow: $40.2 million.
Expectations for Q4 2024 include:
Total Contribution ex-TAC: $182-$186 million.
CTV Contribution ex-TAC: $75-$77 million.
DV+ Contribution ex-TAC: $107-$109 million.
Adjusted EBITDA Operating Expenses: $102-$104 million.
For full-year 2024, the company raised its guidance for Contribution ex-TAC growth to 11%-12%, Adjusted EBITDA margin expansion to 150-200 basis points, and free cash flow growth to approximately 20%.
Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, achieved the highest score in the current offering category among ten vendors evaluated in The Forrester Wave™: Sell-Side Platforms Q4 2024 report. The company received Forrester's highest possible rating in 18 criteria, including Innovation, Desktop & Mobile Display, and Inventory Quality. The report highlighted Magnite's strength in streaming channels, demand facilitation expertise, and technical competence in supporting monetization across online video, audio, mobile app, and complex media. Magnite was the only vendor to receive perfect scores in User Interface and Supporting Services categories.
Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, has announced its executive team's participation in multiple financial conferences throughout November and December 2024. The schedule includes virtual events with Truist Securities and Seaport, as well as in-person conferences in New York City, Sydney, Rancho Palos Verdes, and San Francisco. Notable appearances include fireside chats at the RBC Capital Markets conference (2:00 p.m. ET) and Wells Fargo TMT Summit (8:45 a.m. PT). Live webcasts of these fireside chats will be available on Magnite's investor relations website, with replays accessible for 90 days.
Disney and Magnite have announced a two-year deal extension, continuing their partnership into its sixth year. Magnite remains Disney's preferred supply-side technology partner, facilitating transactions for 30+ DSPs across Disney's ad-supported inventory. The expanded relationship includes new initiatives such as monetizing College Football live streams on ESPN, supporting LATAM expansion in six countries, and offering podcast inventory via PMPs. Disney emphasizes the importance of automation and executional ease, with Magnite playing a important role in connecting buyers to Disney's inventory through their ClearLine offering.
Magnite (Nasdaq: MGNI), the world's largest independent sell-side advertising company, has announced it will release its financial results for the third quarter ended September 30, 2024 after market close on Thursday, November 7, 2024. The company will host a conference call at 1:30 PM (PT) / 4:30 PM (ET) on the same day to discuss the results and outlook.
For those interested in participating, the following options are available:
- Toll-free number (domestic): (844) 875-6911
- Direct dial (international): (412) 902-6511
- Passcode: Ask to join the Magnite conference call
- Audio webcast: http://investor.magnite.com, under 'Events and Presentations'
A conference call replay will also be available with the passcode 9464892.
Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, has successfully repriced its $364 million senior secured term loan facility. The repricing reduces the interest rate by 75 basis points to Term SOFR + 3.75% from the previous rate of Term SOFR + 4.5%. This represents a cumulative reduction of 125 basis points compared to the rate prior to the February refinancing. The Term Loan's maturity remains unchanged at February 2031, and all other terms are substantially the same. This repricing is expected to result in over $2.7 million in yearly interest payment savings for Magnite. The company's convertible notes due March 2026 and undrawn revolving credit facility maturing in February 2029 are unaffected by this repricing.
Magnite (NASDAQ:MGNI), the largest independent sell-side advertising company, has announced a partnership with TF1 PUB, France's leading video advertising network. This collaboration aims to streamline access to TF1's programmatic demand and support the broadcaster's digital acceleration. TF1+, the leading free French streaming platform with 35 million monthly streamers, will leverage Magnite's technology to optimize programmatic advertising while maintaining viewer experience integrity.
Magnite will integrate into TF1 PUB's existing advertising stack, utilizing its Magnite Streaming platform and international agency relationships to unlock demand. This partnership is expected to strengthen TF1's position in the French streaming market and support its growth in streaming and CTV (Connected TV) advertising.