Adeia Stock Rises with Amazon IP Agreement

Shares of Adeia Inc. (NASDAQ: ADEA), a company specializing in media intellectual property, rose by 3.7% after announcing a multi-year agreement with e-commerce giant Amazon. This agreement grants Amazon access to Adeia's extensive media IP portfolio.

Adeia's CEO, Paul E. Davis, expressed his satisfaction with the new partnership, stating, "We are pleased to welcome Amazon among our distinguished clients." Davis emphasized Amazon's significant impact in the realm of innovation.

Adeia is known for its advanced research and development efforts that lead to core innovations powering its clients' next-generation products. These developments have played a crucial role in enhancing digital experiences for both consumer and enterprise applications. Adeia's intellectual property shapes the entertainment discovery and experiences of millions while also improving billions of devices in an increasingly interconnected world.

Commenting on the news, Rosenblatt analyst Kevin Cassidy stated: "The multi-year licensing agreement signed today with Amazon underscores the strength of Adeia's media IP portfolio and its commitment to value creation through continuous media IP innovation. We anticipate that the company will continue to grow its OTT customer base in the coming quarters. We reiterate our Buy recommendation for the stock and our 12-month price target of $15."