Rovi nearing deal to acquire DVR maker Tivo Inc
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[BENGALURU] Rovi Corp, which provides digital entertainment guides, is nearing a deal to acquire digital-video recording maker TiVo Inc, Bloomberg reported citing sources.
Talks have progressed and Rovi may announce a deal as soon as Friday, the report said, citing people with knowledge of the matter.
Rovi is expected to pay a premium of about 10 per cent for TiVo, implying a value of about US$1 billion, Bloomberg said, citing the people.
Shares of TiVo closed up 2.1 per cent at US$9.42 on Thursday, giving the company a market capitalisation of about US$922 million.
The two businesses are similar so that a combination is compelling in terms of both revenue and cost synergies, the report said.
TiVo and Rovi were not available to comment outside of regular US business hours.
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Rovi postponed a scheduled post-earnings conference call to Friday morning, without providing a reason. The company was scheduled to host the call at 5pm ET (2100 GMT) on Thursday.
REUTERS
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