SAN MATEO, Calif. (BRAIN) — GoPro and Red Bull are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. As part of the agreement, Red Bull will receive equity in GoPro and GoPro will become Red Bull's exclusive provider of point-of-view imaging technology for Red Bull's media productions and events.
GoPro will have presence at more than 1,800 Red Bull events across more than 100 countries. The companies will share content rights on co-productions, and related content will be distributed across both Red Bull and GoPro's digital distribution networks, including The GoPro Channel, Red Bull TV, Red Bull.com and in the Red Bull Content Pool, Red Bull's media service platform.
"Red Bull's global scale and execution is something to be admired. This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. "We share the same vision ... to inspire the world to live a bigger life. While we've worked closely for many years, as official partners we'll be able to more effectively help one another execute our shared vision and scale our respective businesses. GoPro and Red Bull, as a match, are as good as it gets."
"First-person perspectives, breathtaking images and cutting-edge cinematography are the hallmarks of every story told within Red Bull's portfolio of productions and live broadcasts," said Dietrich Mateschitz, founder and CEO of Red Bull. "As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate."
With declining sales in the past year, GoPro's stock price has plummeted from a 52-week high of over $65 to less than $9 in recent trading. However, Wall Street looked favorably on the announced deal with Red Bull, and the stock was up Tuesday and early Wednesday.
