Helbiz (NASDAQ:HLBZ) stock is on the move Friday following news of a deal with Fox Networks Group.
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Let’s take a look at why this deal has shares of HLBZ stock on the rise today.
The deal is between Helbiz Media and Fox Networks Group.
Helbiz Media is a subsidiary that covers the company’s streaming entertainment service and distribution of Serie BKT media rights worldwide.
The deal signed with Fox Networks Group includes the broadcast rights for the Italian Serie B championship.
This will allow the company to broadcast the event in the U.S. and the Caribbean.
This will have Fox broadcasting three games per week.
These games will include English commentary, with Helbiz Media offering Italian commentary for Italians in America.
It also allows for the Fox Sports family of networks to broadcast the top Serie B matches, as well as highlights.
It’s worth pointing out that this deal isn’t just for the current season.
It covers the next three seasons, which include 2021 to 2022, 2022 to 2023, and 2023 to 2024.
Matteo Mammì, CEO of Helbiz Media, said the following about the deal with Fox boosting HLBZ stock today.
“The Serie B Championship could not find a better place to be broadcasted throughout North America. This partnership represents a huge step in terms of coverage, potential reach and editorial treatment for Serie B and expands the international presence of Helbiz Live.”
HLBZ stock is seeing heavy trading alongside today’s news. As of this writing, more than 48 million shares of the stock have changed hands. For comparison, the company’s daily average trading volume is about 327,000 shares.
HLBZ stock was up 134.6% as of Friday afternoon.
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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.
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