Netflix Drops 7% to $72 as iHeartMedia Jumps 5% on Podcast Deal

On June 22, Netflix shares fell 7% to around $72.16 while iHeartMedia surged 5% to $3.77 after the expanded video podcast partnership first announced on June 15. The deal adds new shows hosted by Kate Hudson, Oliver Hudson, Lele Pons and Martha Stewart to Netflix, with The Breakfast Club continuing as a live video format. iHeartMedia retains audio rights and reported 26.9% YoY podcast revenue growth in Q1. A Citizens analyst reiterated a Market Perform rating on June 18, citing priced-in 2027 expectations, while Jay Hoag was named Chairman after the May 29 annual meeting. The market reaction highlights valuation concerns overshadowing the strategic content move.