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DJ Magnite Shares Up After Co Says It Plans to Acquire SpotX

· 02/05/2021 14:04

By Stephen Nakrosis

Shares of Magnite Inc. are trading higher on the Nasdaq on Friday, after the company said it agreed to acquire SpotX from RTL Group for $1.17 billion in cash and stock.

Magnite said SpotX is "one of the leading platforms shaping CTV and video advertising globally."

At 1:54 p.m. EST, Magnite shares were trading 24% higher, at $53.94. Volume at the time topped 10.5 million sharers, above the 65-day average volume of some 5.5 million shares.

"Together, Magnite and SpotX will create the largest independent CTV and video advertising platform in the programmatic marketplace," the company said.

The company also said its preliminary results for the fourth-quarter show revenue of $82 million, "up 69% on an as-reported basis and up 20% on a pro forma basis" from the year-ago period.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 05, 2021 14:04 ET (19:04 GMT)

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