Shares of Roku Inc. surged Wednesday to post their best day since 2019, after the streaming-media company confirmed that it will be extending its agreements with Alphabet Inc. services YouTube and YouTube TV.
Roku ROKU, +18.23% and Alphabet’s GOOG, +0.46% GOOGL, +0.62% Google had been in heated negotiations about the future of YouTube and YouTube TV on the Roku platform. Roku had pulled the YouTube TV app from its channel store back in April after the companies failed to agree on terms for the live-TV streaming service, but now they appear to be on better footing.
The two companies have “agreed to a multi-year extension for both YouTube and YouTube TV,” a Roku spokesperson said Wednesday. The arrangement is “a positive development for our shared customers, making both YouTube and YouTube TV available for all streamers on the Roku platform,” the spokesperson continued.Roku’s stock ended up 18.2% in Wednesday trading, its largest single-day percentage gain since Aug. 8, 2019, when it added 20.9%. Shares of Alphabet closed up 0.6%.
Wells Fargo analyst Steven Cahall wrote in a late November note to clients that he thought investors were “concerned about core YouTube falling off of Roku at some point” as tensions escalated over YouTube TV. Even with Wednesday’s rally, shares of Roku are off 23% over the past three months, as the S&P 500 SPX, +0.31% has risen about 4%.
The $ROKU fun is back
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