Roku and Freewheel partnership grow up

Roku and FreeWheel, a division of media giant Comcast (market capitalization: $114.79 billion), announced on Tuesday an expansion of their partnership aimed at improving targeting, transparency, and efficiency in the streaming advertising market.

The collaboration establishes FreeWheel’s Streaming Hub as a key platform for Roku Advertising, allowing Roku’s premium connected TV inventory to be activated with enhanced demand signals and more efficient monetization.

With the expanded partnership, Roku will be able to manage both direct-sold and programmatic campaigns, accessing demand through the FreeWheel Marketplace. Publishers will gain direct access to Roku’s supply via a standardized Open Real-Time Bidding connection.

"This collaboration with FreeWheel represents a great opportunity to present the offering to buyers and provide a more efficient, data-rich environment," said Miles Fisher, Senior Director of Strategic Advertising Partnerships at Roku.

The partnership marks a shift in Roku’s relationship with FreeWheel, moving from a demand partner to a full platform client. This change is expected to create greater scale for buyers to transact more efficiently with Roku inventory through a direct path to FreeWheel Advertiser Suite.

Greg Bel, Vice President and Head of Supply at FreeWheel, described the collaboration as "a game-changer for the CTV advertising market," highlighting the combination of Roku’s connected TV scale and FreeWheel’s premium content connections.

Media companies such as NBCUniversal, another Comcast subsidiary contributing to the parent company’s impressive $124.18 billion in annual revenue, and Warner Bros. Discovery have expressed support for the partnership, emphasizing its potential to increase transparency and efficiency in the streaming market.

According to InvestingPro analysis, Comcast maintains a "Good" financial health score and appears undervalued at current market prices.

Roku is currently the leading TV streaming platform in the U.S. by hours watched, according to the company’s press release.

For further insights into Comcast’s streaming business and comprehensive financial analysis, see the detailed InvestingPro Research Report, which includes over 10 ProTips and extended financial metrics.

In other recent news, Comcast Corporation completed cash and exchange offers for several series of its outstanding bonds, issuing approximately $692 million in new debt. The new bonds, maturing in 2037, carry an annual interest rate of 5.168%, with interest payments starting in January 2026.

Additionally, Comcast-owned NBCUniversal reached a long-term agreement with Google to keep NBC shows available on YouTube TV, ensuring a multi-year commitment to broadcast NBCUniversal’s entire network portfolio.

Regarding leadership developments, Michael J. Cavanagh will be appointed Co-CEO alongside current Chairman and CEO Brian L. Roberts, starting January 2026, and will join the Board of Directors.

Analysts have also adjusted their outlook for Comcast, with KeyBanc lowering its price target to $43 while maintaining an Overweight rating, citing concerns about broadband subscriber numbers. Similarly, BofA Securities reduced its price target to $36 while maintaining a Neutral rating as Comcast navigates a competitive broadband landscape.

These developments reflect ongoing strategic adjustments and partnerships within Comcast.