Adeia Renews Long-Term IP License With Australian Pay-TV Platform Foxtel

IP licensing provider Adeia Inc ADEA renewed a multi-year intellectual property (IP) license with Foxtel, Australia's leading pay-TV platform. The financial terms of the transaction remain undisclosed.
This agreement offers Foxtel's pay-TV platform and Foxtel's online streaming platforms, including Foxtel Now, Kayo, and Binge, ongoing access to Adeia's media technology patent portfolio.
"We believe that our relationship with Foxtel demonstrates how pay-TV and OTT providers around the world use Adeia's intellectual property to reach consumers in more innovative ways," Adeia's Chief Licensing Officer Mark Kokes said. "We are proud to continue working with Foxtel, one of Australia's most innovative media companies, to enable the next generation of entertainment technology."
On October 3, Adeia completed its transformation to become a leading independent intellectual property licensing company, following the completion of the spin-off of its product business.
Price Action: ADEA shares traded higher by 16.69% at $8.39 on the last check Tuesday.