It’s time to say goodbye, sort of, to the company whose pioneering DVR introduced consumers to time shifting and ad skipping. Some 17 years after it went public, TiVo just became a part of Rovi with the closing of a $1.1 billion cash and stock acquisition deal they made in May — but with the buyer now adopting the TiVo name.
“The new TiVo is uniquely positioned to provide ground-breaking offerings that address the rapidly changing media landscape,” CEO Tom Carson says. “Our broader product portfolio, more innovative patented technologies, increased resources and a stronger financial profile position us strongly for success and to continue providing the ultimate entertainment experiences to consumers across the globe.”
He plans to develop products that enable users to access traditional pay TV channels as well as streaming services and what he calls “emerging providers.”
The new company has vowed to see at least $100 million in annual cost synergies, with 65% to be evident within its first 12 months.
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Rovi shares will now be traded on Nasdaq with the TIVO ticker symbol. Two directors from the old TiVo, Daniel Moloney and Jeffrey Hinson, joined the board of the new TiVo.
B. Riley’s Eric Wold says he expects to see “a significantly upward adjustment in management’s 2016 guidance” after it discloses its Q3 financials.
In April Rovi — now TiVo — sued Comcast saying that the power remote recording and program search functions on the cable power’s AnyRoom DVR and X1 box violated its patents.
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