My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

News and Trends / Mergers and Acquisitions

Rovi to Buy DVR Maker TiVo for $1.1 Billion

Rovi to Buy DVR Maker TiVo for $1.1 Billion
Image credit: Bloomberg | Getty Images
1 min read
This story originally appeared on Reuters

Rovi Corp., a provider of digital entertainment guides, said on Friday it would buy digital-video recorder pioneer TiVo Inc. in a deal valued at about $1.1 billion.

The $10.70 per-share cash-and-stock offer represents a premium of 13.6 percent to TiVo's Thursday closing.

TiVo's shares, which have shot up about 23 percent since the New York Times first reported about a potential deal on March 24, were trading at $9.74 before the opening bell on Friday.

Rovi said it would pay TiVo shareholders $2.75 per share in cash and the remaining in stock of a new holding company that will own both Rovi and TiVo.

The combined company, which will be known as TiVo, will be led by Rovi Chief Executive Tom Carson.

The deal will add TiVo's more than 10 million customers to Rovi's 18 million.

Bloomberg reported on Thursday the companies were close to a deal and an announcement could be expected as soon as Friday.

(Reporting by Rishika Sadam in Bengaluru; Editing by Saumyadeb Chakrabarty)

6 Things Big Companies Look for When Buying Your Startup