The meltdown of shares of TiVo (TIVO) is tied to a settlement figure which came in by some estimates as only half as high as what was expected to be hauled in from several patent infringement cases. Yesterday, shares rallied before the terms were disclosed, but the nitty-gritty has turned the tables. TIVO -20.1% premarket to $10.98.
TiVo (TIVO) settles with GOOG, CSCO and Arris (TWC), and will receive an upfront payment from Google and Cisco of $490M. Part of money will be used for share repurchases as the board authorizes a doubling of the buyback plan to $200M. Shares to remain halted until 8:20 ET. (PR)
More on TiVo: Susquehanna reports TiVo (TIVO +8.5%) and Motorola Mobility have settled. Tomorrow's court hearing is reportedly cancelled. No word yet on deal terms. Update: "A clerk in the trial judge's chambers" tells Bloomberg a settlement has been reached. Update 2: TiVo also confirms the settlement.
TiVo (TIVO +7.2%) has soared over the last 15 minutes on rumors a settlement has been reached with Motorola Mobility. Past estimates for a price tag have at least gone well into nine figures. TiVo and Motorola have been set to face off in court this month.
TiVo (TIVO): Q1 beats across the board on narrower losses as the TV set-top box maker continues to boost its subscriber rolls and rack up stronger revenue. The company has now posted subscriber increases for seven straight quarters, following a four-year streak of declining subscriber numbers. In the latest period, TiVo added a net 255K subscribers, compared with the 206K subscribers gained in the prior year period. Shares +1.1% AH.
TiVo (TIVO +2%) spiked over the final hour trading, following news its anticipated infringement trial against Google-owned Motorola Mobility has been set for June 10. Given the huge settlements TiVo has received in its IP disputes with pay-TV providers, many think the could obtain a giant windfall from Motorola (a top set-top box maker until the recent sale of the business to Arris).
TiVo (TIVO +0.5%) launches the Mini, a tiny device that works in tandem with the company's DVRs to access recorded and online content via the TiVo interface. Though the Mini only costs $100, it also requires a service subscription that goes for either $5.99/month, or $150 for a lifetime commitment. Many pay-TV providers already offer multi-room DVR services in which set-tops can access content stored on a DVR found elsewhere in a customer's home.
Tivo, Inc. develops and provides software, technology, in-home, and outside-of-the-home cloud-based video solutions for DVRs, non-DVR set-top boxes, tablets, smartphones, and other consumer electronics.