TiVo was acquired by Rovi in 2016 for $1.1 billion. Rovi subsequently took on the Rovi name and began to fuse together its intellectual property business with the interests of the TiVo DVR.
But the company subsequently began to explore separating the company once more and now says it’s “proactively working” on a split.
“We do agree that the process has taken longer than we would had hoped particularly because of the complexity and uniqueness of our two businesses,” said Raghu Rau, Interim President and Chief Executive Officer, adding that while he hoped to provide an update in the next quarter he was unwilling to put a time limit on when any outcome might be delivered.
Revenues slipped by 21% on the quarter to $168,459,000.