Shares of iHeartMedia rocketed Tuesday as much as 39% in a single session, touching an intraday high of $4.07—the highest price since mid-2023—after Bloomberg broke the news that Netflix is in active talks to license a slate of iHeart’s video podcasts with exclusive streaming rights.
What the deal could look like: Netflix wants full-episode exclusivity: video versions of select shows would disappear from YouTube (currently the #1 home for video podcasts).
iHeart won’t hand over its entire catalog—only a curated bundle (think flagships like “The Breakfast Club,” “Stuff You Should Know,” “Las Culturistas,” and “Jay Shetty Podcast”).
Debt relief signal: iHeart’s high-yield bonds jumped 4.5 cents on the dollar, a rare bright spot for a company still digesting its 2018 bankruptcy.
Reality check: No signed contract yet—talks are fluid, and iHeart’s core radio business still faces cord-cutting headwinds. Wall Street’s average price target sits at $2.13, implying 45% downside if the rumor fizzles.
Bottom line A Netflix handshake could turn iHeart from a penny-stock laggard into a streaming sleeper hit. For now, traders are pricing in the dream—volatility guaranteed.