virtual entertainment manual provider Rovi Corp stated on Friday it’s far shopping for TiVo Inc, which makes virtual-video recorders, in a deal worth about $1.1 billion.
The combined business enterprise will undertake “TiVo” as its new name.
The $10.70 per-share coins-and-inventory provide represents a top rate of 13.6 percentage to TiVo’s Thursday last.
“Rovi’s acquisition of TiVo, with its revolutionary products, talented group, and good sized highbrow property portfolio, strengthens Rovi’s function as a international chief in media discovery, metadata, analytics, and IP licensing,” said Tom Carson, CEO of Rovi, in a declaration. “It’s an thrilling time because the media and entertainment landscape undergoes a considerable evolution.”
the 2 organizations are comparable in order that a combination is compelling in phrases of each sales and value synergies, a Bloomberg report stated.
Rovi postponed a scheduled submit-income convention call to Friday morning, with out presenting a cause. The employer turned into scheduled to host the call at 5:00 p.m. ET (2100 GMT) on Thursday.
Tivo Inc. (TIVO) | FindTheCompany