Welcome to our dedicated page for Magnite news (Ticker: MGNI), a resource for investors and traders seeking the latest updates and insights on Magnite stock.
Magnite, Inc. (NASDAQ: MGNI) is the world’s largest independent sell-side advertising platform, renowned for assisting publishers in monetizing their content across various screens and formats. From connected TV (CTV), online video, display to audio, Magnite’s technology enables efficient and maximized ad revenue. The company’s platform is trusted by leading agencies and brands globally, facilitating billions of advertising transactions monthly, ensuring access to brand-safe, high-quality ad inventory.
Magnite, previously known as The Rubicon Project before merging with Telaria in 2020, has significantly enhanced its market presence by acquiring SpotX for $1.2 billion in 2021. This acquisition bolstered its CTV business, ensuring a strong foothold in an increasingly digital world. Financially, Magnite generates nearly 45% of its revenue from CTV ad inventory sales, 35% from mobile sites and apps, and the rest from computer-accessed websites.
Headquartered in bustling cities such as New York City, Los Angeles, Denver, London, and Sydney, Magnite has a global reach with offices across North America, EMEA, LATAM, and APAC. Recent projects include the integration of proprietary technology to streamline access to major audio and podcast publishers in the U.S., delivering enhanced monetization tools.
Moreover, Magnite’s Demand Manager provides optimized header bidding operations for clients like Tennis Australia, offering valuable insights, flexibility, and control. Their innovation extends to partnerships with platforms like Mediaocean’s Prisma, enabling seamless access to premium video inventory, further solidifying their industry-leading position.
Magnite continues to see growth, reporting strong financial outcomes even amid challenging ad spend environments. Their latest offerings, including the Magnite Streaming platform and ClearLine, underscore their commitment to delivering superior ad delivery solutions. The firm’s strategy focuses on expanding relationships with streaming partners, driving top-line growth, and ensuring long-term profitability.
The company remains dedicated to operational excellence, securing a significant market share in the programmatic advertising space by leveraging technological advancements and strategic acquisitions. With a strong foundation and clear future objectives, Magnite is poised to remain a pivotal player in the digital advertising ecosystem.
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.
Blitz, a leading gaming analytics platform, has chosen Magnite (NASDAQ: MGNI) as its preferred SSP to streamline its programmatic advertising strategy. This decision follows a successful partnership that saw Blitz's gross revenue grow triple-digit percent on Magnite's DV+ SSP in the first half of 2024. By centralizing all programmatic deals through Magnite, Blitz aims to provide advertisers with more efficient access to its diverse audience across multiple countries.
Blitz offers real-time insights and improvement tools for popular games like Fortnite, League of Legends, and Valorant. The platform serves millions of engaged gamers worldwide and is recognized as the top source of diverse-owned media according to Jounce Media's analysis. This collaboration allows Blitz to focus on core product development while leveraging Magnite's expertise in advertising monetization.
Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, has announced its participation in several upcoming financial conferences. The executive team will host in-person investor meetings at five events in New York City and one in San Francisco throughout September 2024.
Key events include:
- BofA Securities 2024 Media, Communications and Entertainment Conference (Sept. 4)
- Benchmark 2024 Tech, Media & Telecom Conference (Sept. 5)
- Citi 2024 Global TMT Conference (Sept. 6)
- Wolfe Research TMT Conference 2024 in San Francisco (Sept. 10)
- B. Riley 7th Annual Consumer & TMT Conference (Sept. 12)
- Lake Street 8th Annual Best Ideas Growth Conference (Sept. 12)
A live webcast of the BofA Securities fireside chat will be available on Magnite's investor relations website, with a replay accessible for 90 days after the event.
TargetSmart, a leading provider of political data for Democratic campaigns, has announced an exclusive partnership with Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company. This collaboration, supported by Magnite's integration with Snowflake AI Data Cloud for Media, allows Democratic campaigns, agencies, and causes to activate campaigns using TargetSmart data across Magnite's extensive CTV footprint on any demand side platform.
Magnite, which ranks #1 in supply coverage according to Jounce Media, provides access to over 90% of programmatic supply in the US and reaches 92 million US ad-supported streaming TV households. With CTV ad spending forecasted to collect 14% of the total $10.7 billion ad spend this year, this partnership aims to provide a streamlined way for political buyers to execute and optimize their campaigns, potentially resulting in higher match rates and faster deal setups.
Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, reported strong Q2 2024 results. Total revenue grew 7% year-over-year to $162.9 million, while Contribution ex-TAC increased 9% to $146.8 million. Notably, CTV Contribution ex-TAC rose 12% to $63.0 million, exceeding guidance. The company reported a net loss of $1.1 million, a significant improvement from the $73.9 million loss in Q2 2023. Adjusted EBITDA grew 20% to $44.7 million, with a 30% margin. For Q3 2024, Magnite expects total Contribution ex-TAC between $146-150 million, with CTV growth accelerating to 18-22% year-over-year. The company reaffirmed its full-year 2024 guidance, projecting at least 10% Contribution ex-TAC growth and mid-teens Adjusted EBITDA growth.
Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, has introduced automated wrapper management within Demand Manager to help publishers increase revenue and efficiency. This new feature, built on Prebid technology, uses machine learning to optimize configurations in a publisher's Prebid Wrapper per impression, potentially enhancing billions of settings.
Ranker, an early adopter, saw a 5% increase in spend after implementing the automated wrapper management feature. The tool adjusts Prebid settings on an ad request basis, maximizing revenue while saving time and resources. Demand Manager has experienced significant growth, with a 30% increase in spend year-over-year from 2023 to 2024. Major publishers like Buzzfeed and Disney use Demand Manager, with 13 of the top 50 Comscore ranked publishers relying on it for Prebid inventory management.
Gracenote, Nielsen's content data unit, is enhancing CTV advertising by introducing new contextual categories powered by program-level metadata. Partnering with Peer39 and Magnite (NASDAQ: MGNI), Gracenote's data will be available on DSP platforms for programmatic CTV ad buys. Publishers like Cineverse, DIRECTV Advertising, Philo, Tastemade, and Xumo can now use Gracenote Contextual Video Data to provide more transparency for media buyers.
This initiative aims to optimize targeting and deliver incremental reach, making Gracenote's metadata the common taxonomy for CTV marketplace transactions. The data offers unprecedented granularity for programmatic ad buys, allowing publishers to package ad inventory more effectively and advertisers to reach target audiences at scale. This collaboration is expected to improve CTV advertising outcomes and create a stronger ecosystem benefiting advertisers, publishers, and consumers.
Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, has been chosen by TELUS (TSX: T) (NYSE: TU) as its preferred ad technology solutions partner in Canada. TELUS will utilize Magnite's SpringServe ad server and Streaming SSP for its Free Ad-Supported TV (FAST) and online video advertising inventory. This partnership aligns with the growing trend of ad-supported streaming, as 74% of Canadian consumers now watch streaming TV. The collaboration aims to enhance TELUS's TV offerings at no additional cost to customers, while providing advertisers with better insights and control over their campaigns.
Magnite's technology will allow TELUS to manage and monetize its connected TV (CTV) inventory more effectively. TELUS has already deployed FAST channels like TIME, Tastemade, and The Washington Post to its TV+ customers, offering new opportunities for advertisers and agencies to connect with audiences. Both companies are excited about the potential to redefine the Canadian advertising landscape and deliver premium ad experiences to consumers and brands alike.
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