B. Riley reiterates a Buy rating on Magnite (MGNI) after the company announced a two-year deal extension with Disney (DIS). Magnite will continue to be Disney’s preferred supply-side advertising technology partner to help monetize its entire portfolio of advertising-supported inventory, the analyst tells investors in a research note. The firm believes the renewal assuages concerns that Magnite was being removed from the Disney’s tech stack as part of an expansion of the Disney real-time ad exchange. Riley says Magnite continues to play a critical role in allowing buyers to access Disney’s inventory by connecting to 30+ demand-side platforms and starting to expand globally.
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