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Investing.com -- Sirius XM Holdings (NASDAQ:SIRI) stock rose 3.7% following reports that Netflix (NASDAQ:NFLX) has approached the satellite radio company to license its video podcasts.
According to The Hollywood Reporter, Netflix is seeking an exclusive arrangement for SiriusXM’s video podcasts that would prevent them from appearing on YouTube, Netflix’s main competitor in the video space. Sources familiar with the matter indicated that while discussions are underway, no agreement has been finalized.
This development comes as part of Netflix’s broader strategy to expand its presence in the podcasting arena. The streaming giant has reportedly been making similar overtures to iHeartMedia and has sent numerous requests to talent agencies including WME, UTA, and CAA in an effort to bring more video podcasters onto its platform.
The market’s positive reaction reflects investor optimism about potential new revenue streams for SiriusXM, which has been working to diversify its content offerings beyond traditional satellite radio programming.
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