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US: Rovi to acquire TiVo for $1.1 billion

By  |  May 1, 2016

The company, one of the biggest owners of patents for digital entertainment devices, will take on the “iconic” TiVo name.

Digital entertainment devices patent owner Rovi Corp. has agreed acquire DVR pioneer TiVo for $1.1 billion.

Rovi said it would pay $10.70 per share in cash and stock for a total consideration of approximately $1.1 billion. “The new company combines two media and entertainment technology innovators with complementary products, services and intellectual property assets and a common mission to write the next chapter of the consumer entertainment experience,” the companies said.

Rovi said it will, after the deal closes, adopt the TiVo brand as the new company name, calling it “iconic.”

Rovi is one of the biggest owners of patents for digital entertainment devices, with more than 5,000 issued or pending patents worldwide. An activist investor has been pushing it to look at a deal with TiVo.

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