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Magnite, Inc. (NASDAQ:MGNI), a digital advertising technology company with a market capitalization of $3.53 billion and impressive 80% return over the past year, has entered into a First Amendment to its sublease agreement with Zillow Group, Inc., according to a statement in a press release filed with the Securities and Exchange Commission. According to InvestingPro analysis, the company maintains a GOOD financial health score, supported by $685 million in revenue. The amendment, signed August 31, 2025, is expected to become effective November 1, 2025.
Under the terms of the amendment, Magnite will expand its leased premises to include the entire 8th floor in addition to the entire 9th floor, which was already covered under the original sublease agreement dated September 21, 2021.
The company stated that the full text of the amendment will be filed as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.
Magnite is incorporated in Delaware and its common stock is traded on the Nasdaq Global Select Market under the symbol MGNI. The information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, Magnite reported impressive financial results for the second quarter of 2025, with earnings per share reaching $0.20, surpassing the anticipated $0.17. The company’s revenue also exceeded expectations, coming in at $173.3 million compared to the forecasted $157.44 million. This strong performance led Evercore ISI to raise its price target for Magnite to $27.25, maintaining an Outperform rating, while Needham increased its target to $25.00, keeping a Buy rating. Both firms highlighted Magnite’s solid second-quarter performance despite economic uncertainties. Additionally, Magnite announced an integration with Acxiom, becoming Acxiom’s first programmatic partner for sell-side data activation. This partnership aims to enhance advertising efficiency by allowing advertisers to activate first-party and Acxiom’s third-party data through Magnite. The collaboration is expected to reduce costs and eliminate unnecessary fees, directing more ad spend toward working media. These developments indicate positive momentum for Magnite in the advertising sector.
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