Roku (NASDAQ:ROKU) stock is heading higher on Wednesday after revealing it’s reached an agreement with YouTube to keep the apps on its devices.
The deal was announced by Roku on its Twitter (NYSE:TWTR) account this morning. The company says that the deal is a multi-year one that will keep both the YouTube and YouTube TV apps on its platform. The financial details of the deal with Alphabet’s (NASDAQ:GOOGL,GOOG) weren’t disclosed.
You can check out the Tweet for yourself below.
Effective today, we have agreed to a multi-year extension with Google for YouTube and YouTube TV. This agreement represents a positive development for our shared customers, making both YouTube and YouTube TV available for all streamers on the Roku platform.
— Roku (@Roku) December 8, 2021
The battle between Roku and YouTube means that owners of the set-top boxes no longer have to worry about the latter being pulled from the platform. At least, not for a few years. Previously, YouTube was threatening to pull its apps down come Thursday. So ROKU just narrowly avoided that outcome this time around.
A Roku spokesperson said the following to CNBC about the news boosting the stock higher today.
“We’re happy to share that we’ve reached a deal with Roku to continue distributing the YouTube and YouTube TV apps on Roku devices. This means that Roku customers will continue to have access to YouTube and that the YouTube TV app will once again be available in the Roku store for both new and existing members. We are pleased to have a partnership that benefits our mutual users.”
ROKU stock is also experiencing heavy trading on the YouTuve news today. As of this writing, more than 11 million shares of the stock have changed hands. For comparison, the company’s daily average trading volume is closer to 3.8 million shares.
ROKU stock is up 15% as of Wednesday morning.
Investors on the lookout for more stock market news today are in luck!
InvestorPlace has all the latest stock coverage that traders need to know about for Wednesday. That includes EPAM (NYSE:EPAM) joining the S&P 500, penny stocks to watch today, as well as Ark Transparency ETF going public. You can get up to speed on that news at the links below!
More Wednesday Stock Market News
- EPAM Stock Alert: Mark Your Calendars for Dec. 14 as EPAM Systems Joins the S&P 500
- Penny Stocks to Watch: What’s Going on With ZOM, DARE, PSFE, EFOI and AUUD Today?
- The ARK Transparency ETF (CTRU) Starts Trading Today. 9 Things to Know.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.