TiVo’s board has unanimously approved a plan to separate its Product and IP Licensing businesses.
The plan re-creates in part the former division of Rovi and TiVo before the purchase by Rovi that ultimately took the TiVo name.
TiVo will intends to spin out its product business to its shareholders.
“In the rapidly evolving market landscape we now operate in, we have determined that our Product and IP Licensing businesses will be better positioned as standalone separate entities,” said Raghu Rau, Interim President and Chief Executive Officer. “Operating independently, these two businesses will have increased flexibility to pursue new and growing market opportunities. We believe this separation is the best way to maximize shareholder value, while also enhancing the possibility of value-creating strategic transactions.”
TiVo’s product business would feature the Platform Solutions and Software and Services businesses, while the licensing business would feature both Rovi and TiVo patent portfolios, a library that contains 5,500 issued patents and pending applications.
TiVo also published new financial statements for 2019, anticipating revenue of $640 million to $654 million.
