Rovi Acquires TiVo for $1.1 Billion
So, it’s official. After a ton of speculation, Rovi Corporation announced that it has officially acquired digital video recording company TiVo in a $1.1 billion cash and stock transaction. The combined companies will be led by Rovi CEO Tom Carson, and upon closing they will adopt the TiVo brand as the company’s new name. TiVo has been led by interim CEO Naveen Chopra, who is also the company’s CFO.
Carson said that the deal—which was announced on April 29— will strengthen Rovi’s digital media distribution business through enhanced data analytics (TiVo owns video discovery platform Digitalsmiths), metadata, and IP licensing.
“As the media and entertainment landscape undergoes a significant evolution, 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,” Carson said in a statement.