GoPro CEO: It was time for us to get official with Red Bull

GoPro said on Tuesday that it is entering a multiyear global deal with Red Bull as the energy drink company's exclusive point-of-view camera and content partner.

Shares of GoPro spiked 8 percent after the announcement. The stock ended the day up nearly 5 percent.

Speaking from JPMorgan's Technology, Media and Telecom Conference in Boston, Nick Woodman, founder and CEO of GoPro, told CNBC's "Squawk on the Street" that the announcement was the logical next step in the relationship between the two companies.

"We've been working with Red Bull for years and we've helped co-promote each other and help each other globally rise above the noise and scale awareness for our respective brands, but we decided that it was time to get official about it," Woodman said.

"Once we're official partners, there's just so much more we can do and take everything that we've learned over the past few years and just do it on a much larger scale," he said.

"The world of Red Bull is going to be brought to you by GoPro in a whole new way, and it should be terrific promotion for GoPro," Woodman said. The founder also reaffirmed that GoPro's drone will be ready for the 2016 holiday season.

As part of the agreement, Red Bull will also gain equity in GoPro. Woodman said that Red Bull's stake is less than 1 percent, but that it is "a terrific validation of Red Bull's belief in our business."

Dietrich Mateschitz, founder and CEO of Red Bull, said in a joint statement Tuesday, "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."

GoPro shares have fallen more than 82 percent in the past year.