Jan. 17 (Bloomberg) -- Rentrak Corp., a supplier of entertainment industry audience data, soared the most in almost two decades after signing CBS Corp. to a ratings agreement.
Rentrak, based in Portland, Oregon, rose 27 percent to $48.07 yesterday in New York, an all-time closing high and the biggest one-day gain since July 1994. The stock almost doubled in 2013.
By signing New York-based CBS, Rentrak cracks the national broadcast ratings market dominated by Nielsen Holdings NV, which produces weekly audience data used by the TV industry to sell advertising. Rentrak’s data will help the network document the effectiveness of ads, David Poltrack, CBS’s chief research officer, said yesterday in a statement.
“The agreement, which also included the CBS Sports Network, is a major advancement for Rentrak in its path to gaining industry acceptance for its census-based approach to TV measurement,” Todd Mitchell, an analyst at Brean Capital LLC in New York, wrote yesterday in a note. The accord “validates Rentrak’s slow encirclement strategy for taking on Nielsen.”
Nielsen, based in New York, fell 0.4 percent to $44.11. It rose 50 percent in 2013. CBS, controlled by Chairman Sumner Redstone, fell 0.3 percent to $60.80. The stock rose 68 percent last year.
To contact the reporter on this story: Andy Fixmer in Los Angeles at email@example.com
To contact the editor responsible for this story: Anthony Palazzo at firstname.lastname@example.org