Netflix in Talks with iHeartMedia for Exclusive Podcast Deal to Rival YouTube
Netflix (NFLX) is negotiating a licensing agreement with iHeartMedia (IHRT) to secure exclusive video podcast rights, signaling a strategic pivot to challenge YouTube's dominance in the space. The deal, first reported by Bloomberg, WOULD remove full episodes of popular shows like The Breakfast Club and Jay Shetty Podcast from YouTube, redirecting them to Netflix's platform.
iHeartMedia's stock surged 28% following the news, reflecting market Optimism about the audio company's pivot to video distribution. Netflix's move aligns with its broader strategy to diversify beyond scripted content, following a similar exclusive podcast deal with Spotify earlier this year.