Early this year, we reported that TiVo was looking into splitting into two companies. Instead, TiVo has announced that the company will be merging with Xperi, a company that sells tech products for home, auto, and mobile.
In a deal for $3 billion, the company will be under Xperi’s name, with TiVo still existing as a brand under Xperi. Currently Xperi has six brands including DTS, FotoNation, HD Radio, IMAX Enhanced, Invensas, and Tessera.
“This landmark combination brings together two highly complementary companies poised to set the industry standard for user experiences across the digital value chain,” Jon Kirchner, CEO of Xperi, said in the press release.
The deal will include all of TiVo’s products, entertainment data, and all patents, combining them with Xperi’s extensive portfolio of products and intellectual property. Originally, TiVo planned to split the company with one part covering products and another covering patent licenses. After the merger, the company will reportedly have over 10,000 patents and patent applications.
After the merger, TiVo’s leading content aggregation, discovery, and recommendation capabilities will be combined with Xperi’s product capabilities in the home, automotive, and mobile device ecosystems. The platform will allow consumers to enjoy entertainment anywhere, anytime, on any device.
Xperi CEO Jon Kirchner will continue to serve as CEO, with TiVo CEO David Shull acting as a strategic advisor.
TiVo has always been the company that brings entertainment together,” Shull said in a statement. “Now, we can significantly expand our mission,” adding that the combined company “will transform the home, car, and mobile entertainment experience for the consumer.”
With the boards of both companies approving the deal, the merger is expected to close in Quarter 2 of 2020.
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