iHeartMedia shares appreciated by 27%! Negotiations with Netflix

iHeartMedia (NASDAQ:IHRT) shares increased by 27%, according to a report by Bloomberg News. The report states that Netflix (NASDAQ:NFLX) is in talks with the media company regarding video podcast licensing.

People with knowledge of the matter indicate that Netflix is seeking exclusive rights to the video versions of iHeartMedia's popular podcasts, which would prevent full episodes from being uploaded to YouTube. It appears that the streaming giant is taking strategic steps to compete more directly with YouTube in the video podcast space.

iHeartMedia distributes various well-known podcasts such as “The Breakfast Club,” “Las Culturistas,” “Jay Shetty Podcast,” and “Stuff You Should Know.” However, sources suggest that if a deal occurs, iHeartMedia may not present its entire podcast portfolio to Netflix.

A potential partnership could significantly expand Netflix's audiovisual content offerings while providing iHeartMedia with a new distribution channel and revenue source. Neither company has made an official statement regarding the reported discussions.

The talks come at a time when streaming platforms continue to diversify their content strategies. Podcasts represent a growing segment of digital media consumption.