Shares of Roku (ROKU) are on the rise amid reports that Google (GOOG; GOOGL) is pulling its YouTube service from Amazon (AMZN) FireTV.
GOOGLE PULLING YOUTUBE FROM FIRETV: Yesterday, CNET reported that Google was pulling its YouTube service from Amazon’s FireTV and Echo Show. A spokesperson for Google told the tech website: “We’ve been trying to reach agreement with Amazon to give consumers access to each other’s products and services. But Amazon doesn’t carry Google products like Chromecast and Google Home, doesn’t make Prime Video available for Google Cast users, and last month stopped selling some of Nest’s latest products. Given this lack of reciprocity, we are no longer supporting YouTube on Echo Show and FireTV. We hope we can reach an agreement to resolve these issues soon.” YouTube will no longer be accessible via the Amazon devices on January 1, the report said. Roku’s “agnostic” streaming devices allow access to subscribers of Google, Netflix (NFLX), Apple (AAPL) and Amazon media services.
PRICE ACTION: In afternoon trading, shares of Roku have jumped about 9% to $42.91. Roku shares are up dramatically since the IPO of the company’s stock in September. On September 28, Roku opened at $15.78 in its first day of trading on the Nasdaq after its initial public offering was priced at $14 per share. The streaming media device maker closed that day at $23.50.
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