Friday, April 29, 2016

Rovi Buys Tivo For $1.1 Billion

San Carlos-based Rovi and San Jose-based Tivo said this morning that Rovi will buy Tivo, in a deal worth approximately $1.1 billion. Rovi will pay $10.70 per share in cash and stock for Tivo, split between $2.75 in cash and $7.95 per share in common stock of a new, holding company for the two companies. The company said it will rename itself to TiVo, and will be led by Tom Carson, after the close of the transaction. Carson is currently head of Rovi. The companies said they expect to save $100M in annual costs as a result of the acquisition.