Adeia shares rise on Amazon IP deal

Adeia Inc. (NASDAQ:ADEA), a company specializing in media intellectual property, saw its stock climb 3.7% following the announcement of a multi-year agreement with e-commerce giant Amazon (NASDAQ:AMZN ). This deal grants Amazon access to Adeia's extensive media IP portfolio.

Paul E. Davis, CEO of Adeia, expressed his satisfaction with the new partnership, stating, "We are pleased to include Amazon among our many distinguished customers." He highlighted Amazon's significant influence in the realm of innovation.

Adeia is known for its advanced research and development, which has led to key innovations that empower the next-generation products of their clients. These developments have been instrumental in enhancing digital experiences for both consumer and enterprise applications. Adeia's intellectual property has a broad impact, shaping the entertainment exploration and experiences of millions, while also improving billions of devices in a world that is increasingly interconnected.

Commenting on the news, Rosenblatt analyst Kevin Cassidy said "Today's multi-year license agreement with Amazon underscores the strength of Adeia's media IP portfolio and its dedication to driving value through ongoing media IP innovation. We anticipate the company will continue to grow its OTT customer base in the coming quarters. We reaffirm our Buy rating on the stock and $15 12-month price target."

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Source: Investing.com