Rovi and TiVo are getting hitched. The technology maker announced Friday that it would pay $1.1 billion to bring the set-top box recorder under its wing.
Through the deal, Rovi says it plans to combine TiVo’s traditional television and on-demand content with its own guides, advertising, analytics, and cloud services.
The new company aims to “write the next chapter of the consumer entertainment experience.” Rovi said in a statement.
Rovi estimates that the combined company will have revenue of more than $800 million. TiVo will keep its name after the transaction is completed, which is expected to occur within 12 months.
“It’s an exciting time as the media and entertainment landscape undergoes a significant evolution,” Tom Carson, CEO of Rovi, who will continue to lead the combined company, said in a statement. “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.”
by Ashlee Kieler via Consumerist
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