The combined company will immediately begin the process of integrating technological and product capabilities.
“Today’s consumers face a fragmented media landscape when it comes to devices and platforms, and content owners and service providers want to understand their audiences better and help their customers navigate an ever-increasing set of content choices,” said Tom Carson, president and CEO, Tivo.
“The new Tivo is uniquely positioned to provide ground-breaking offerings that address the rapidly changing media landscape. Our broader product portfolio, more innovative patented technologies, increased resources and a stronger financial profile position us strongly for success and to continue providing the ultimate entertainment experiences to consumers across the globe.”
The new Tivo provides guidance solutions to more than 25 million households, serving more than 500 pay-TV operators, and has technologies that span more than 70 countries. The company expects to realise at least $100 million in annual cost synergies, with 65% of these synergies recognised in the first 12 months.
Shares of new Tivo will be traded on the NASDAQ under the ticker symbol “TIVO”. Additionally, consistent with Rovi’s prior announcement, former TiVo Inc. board members Daniel Moloney and Jeffrey T. Hinson joined the new TiVo board of directors as of the completion of the acquisition.