Digital TV listing company Rovi is buying TiVo in a cash-and-stock deal valued at about $1.1 billion.
Rovi Corp. said Friday that it will pay $10.70 in cash and stock for each TiVo Inc. share. Rovi will pay $2.75 per share in cash, or about $277 million. The rest, $7.95 per share, will be paid in stock.
Once the deal closes, the combined business will use the TiVo name. TiVo is a digital video recording company.
Rovi CEO Tom Carson will serve as CEO of the new company. The executive said in a written statement on Friday that the buyout will help to extend services across platforms and expand its customer base. The transaction will add more than 10 million TiVo-served households to Rovi's current customer base of about 18 million households using its guides globally.
The companies anticipate at least $100 million in annual cost savings. The transaction is expected to add to Rovi's adjusted earnings per share within the first year after closing.
Both companies' boards have approved the deal, which is targeted to close in the third quarter. It still needs approval from both companies' shareholders.
Shares of TiVo, based in San Jose, California, added 17 cents to $9.59 in premarket trading. Shares of Rovi, based in Santa Clara, California, surged $1.15, or 6.6 percent, to $18.50.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More