NEW YORK (TheStreet) -- Facebook (FB) - Get Report and Instagram are teaming up with NBC for its coverage of the 2016 Summer Olympics in Rio de Janeiro, Brazil, CNBC's David Faber said on "Squawk Alley" Wednesday.

Olympic related posts by celebrities and athletes will be incorporated into NBC's coverage, Faber said.

NBC will produce a daily two-minute recap video of the Olympics for Facebook's users in the U.S.

This partnership will benefit both platforms as traditional media struggles to reach out to audiences on social media and social media seeks to offer its users more, high quality video content, Faber added.

"If you think about the Olympics and Instagram, they're really a perfect marriage and we're excited to be working with NBC around bringing video content to the platform," Instagram's head of global sports partnerships Brandon Gayle told CNBC.

There are over 165 million sports fans on Instagram out of our 500 million users. Instagram's goal is to bring those sports fans closer to the action in Rio, Gayle said.

He sees the partnership to increase the likelihood of sports fans watching the game on NBC.

"Certainly we're excited to have NBC sharing not only highlights, also behind-the-scenes clips serving as a complement and drive folks to tune into our broadcasts in real time," Gayle said.

Instagram's tools such as Instagram stories, photos, and videos will allow fans to connect to the Olympic sporting events in real time, he explained.

Gayle expects athletes to share authentic behind the scenes coverage because it is a platform they feel comfortable in.

Shares of Facebook are trading lower today.

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Separately, TheStreet Ratings team set this stock as a "buy" with a ratings score of A-. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. TheStreet Ratings team feels its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: FB

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