Scuttlebutt that Rovi was eyeballing TiVo for acquisition was confirmed Friday morning in a $1.1 billion deal. The company will adopt “the iconic TiVo brand” as the new company name, Rovi says in a statement. Numerous rumors of TiVo as a potential takeover target have been floated in the past, including chitchat around Apple and Google.
“The combined capabilities of TiVo and Rovi place us in a tremendous position to extend services across platforms and to a customer base that includes traditional, over-the-top and emerging players across the globe,” Tom Carson, CEO of Rovi, says.
“In joining forces with Rovi, our customers, employees and stockholders will benefit from being part of a more diversified industry leader with significantly greater market opportunities. Our combination creates a more influential global player with a commitment to product innovation, which will be incredibly well positioned to redefine television,” Naveen Chopra, interim CEO and CFO of TiVo, adds.
The Rovi/TiVo statement released today reports combined IP portfolios of more than 6,000 issued patents and pending applications.
The companies say that they believe that they will be able to obtain the requisite clearances, and expect the transaction to close in Q3 2016.