Rovi Corporation(ROVI)- NASDAQ
  • Fri, Apr. 29, 9:38 AM
    • TiVo (NASDAQ:TIVO) is up 6.2% out of the open after news of Rovi's (NASDAQ:ROVI) $1.1B deal to buy the company this morning -- a move short of the 14% premium to yesterday's close that Rovi is paying.
    • TiVo's at $10.01 vs. the $10.70/share offer; Rovi is up 11%. The deal, combining two similar companies in the world of DVRs and electronic program guides, is expected to be accretive to adjusted profit within 12 months.
    • Rovi pays $2.75/share in cash and another $7.95 a share in stock in a new holding company for the combination.
    • That leaves current Rovi shareholders owning 66.8%-72.9% of the company; it's expected to be a tax-free exchange for TiVo shareholders.
    • The combination will keep the TiVo name but be led by Rovi chief Tom Carson, and sport revenue of more than $800M. Interim TiVo CEO Naveen Chopra says it's "the logical next step."
    • Now read TiVo: A Step In The Right Direction, But... »
    | Fri, Apr. 29, 9:38 AM | 2 Comments
  • Fri, Apr. 29, 7:12 AM
    • Rovi (NASDAQ:ROVI) acquires TiVo for $10.70 per share in a deal the company believes is made in synergy heaven. The price is a 14% premium to Tivo's closing level yesterday.
    • The combined entity expects to generate at least $100M in annual cost synergies, with a whopping 65% realized within a year.
    • Rovi expects to receive a boost to EPS within a year.
    • Previously: TiVo +6.2% as Rovi postpones call, raising buyout hopes (April 28)
    | Fri, Apr. 29, 7:12 AM
  • Thu, Apr. 28, 7:04 PM
    • Shares in TiVo (TIVO +2.1%) are up 6.2% after hours, riding a spike that came when Rovi (ROVI -3.2%) elected to unexpectedly postpone its quarterly results call to tomorrow morning at 8 a.m. ET.
    • That's made hopefuls of TiVo shareholders expecting a Rovi buyout, Jeff Baumgartner notes. The two were linked last month in "advanced negotiations" for a TiVo sale to Rovi, and Bloomberg reported this month that discussion was centered on the long-term value of patent portfolios.
    • Rovi shares were flat in after-hours action.
    • Rovi call link
    • Updated: Bloomberg reports sources saying a deal is near, perhaps tomorrow, at a premium of about 10%. That implies a value of about $1B for TiVo, vs. Rovi's market value of $1.4B.
    • Now read TiVo: A Step In The Right Direction, But... »
    | Thu, Apr. 28, 7:04 PM | 4 Comments
  • Thu, Mar. 24, 9:41 AM
    • The NYT reports DVR hardware/software provider TiVo (TIVO +17.4%) is in "advanced negotiations" to sell to program guide/content protection IP provider Rovi (ROVI -2%). TiVo has blasted off on the report, while Rovi is down moderately.
    • TiVo shareholders would reportedly receive cash and stock, and "probably" own ~30% of the combined company.  Rovi activist Engaged Capital (won two board seats last year) is said to have pushed for a merger with TiVo.
    • In addition to its DVR-related offerings, TiVo provides cloud-based content discovery services and set-top/portal server software for emerging markets, thanks to its acquisitions of Digitalsmiths and Cubiware. Both TiVo and Rovi derive a large % of their sales from pay-TV providers.
    | Thu, Mar. 24, 9:41 AM | 3 Comments
  • Feb. 27, 2015, 4:02 PM
    • ROVI spiked higher shortly before the close on a report it's seeking to hire a strategic advisor amid pressure from activists.
    • Shares previously had more moderate gains following the pricing of the company's $300M convertible offering.
    | Feb. 27, 2015, 4:02 PM
  • Nov. 3, 2014, 11:38 AM
    • Fanhattan has developed a set-top (called Fan TV) that provides integrated access to live TV, on-demand, and Web video content. The startup has also developed a zero-button (touch-based) remote, a UI with various content search, discovery, and social recommendation tools, and a complementary iOS app.
    • Rovi (ROVI +1.2%), which has been trying to grow its sales of software and digital services (including its widely-used programming guides) to pay-TV providers to offset the decline of its legacy analog content protection business, has bought Fanhattan for an undisclosed amount of cash.
    • Rovi promises combining its offerings with Fanhattan's will yield "a scalable and modular cloud-based platform supporting IP and hybrid STB boxes, DVR functionality and personalized interactive user-interfaces through reference design hardware and a software development kit." Fanhattan already has deals with Cox and Time Warner Cable.
    | Nov. 3, 2014, 11:38 AM
  • Mar. 31, 2014, 2:47 PM
    • P-E firms Parallax Capital and Stepstone Group are buying Rovi's (ROVI +1.6%) DivX/MainConcept video codec licensing and software business for $75M in cash and milestone payments. (PR)
    • Rovi, which has already sold its Entertainment Store and consumer website ops, previously announced plans to unload DivX/MainConcept. Figures provided at the time suggested the businesses produced 2013 revenue of $70M-$75M, and EPS of $0.25-$0.30.
    | Mar. 31, 2014, 2:47 PM
  • Jan. 12, 2012, 5:57 PM
    Rovi (ROVI) jumps 3.8% AH after disclosing ahead of its investor day meeting (webcast) it's establishing 2012 revenue guidance of $810M-$840M ($829.5M consensus) and EPS guidance of $2.50-$2.80 ($2.64 consensus). In addition, Rovi is announcing the sale of its Roxio PC media software business to Corel for an undisclosed sum. (earlier)
    | Jan. 12, 2012, 5:57 PM