Reddit said on Monday it has struck deals with sports leagues, including the National Basketball Association and the National Football League, in an attempt to boost revenue.

Shares of the social media platform rose 5% in early trading.

The move could help Reddit fuel its core advertising business and take advantage of the sports genre's high viewership numbers and star power to bring in ad dollars.

Reddit users would be able to access video highlights from games and tournaments, behind-the-scenes videos and other content posted by the leagues, it said in a blog post.

The company, which was at the center of the 2021 meme-stock frenzy, had in May reported a 48% jump in its first-quarter revenue at $243 million and said it could post an adjusted profit in its second quarter.

  - Reuters