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Rovi Agrees to Acquire DVR Pioneer TiVo in $1.1 Billion Deal

May 6, 2016, 4:00 AM

Rovi Corp. agreed to buy digital-video recording pioneer TiVo Inc. in a deal valued at $1.1 billion, adding crucial patents for cable set-top boxes just as competition for those devices is heating up.

Rovi will pay $10.70 a share in cash and stock, a 40 percent premium over TiVo’s $7.66 closing price on March 23, the last trading day prior to a New York Times report about a possible deal, according to a statement Friday. The on-screen TV guide provider’s offer breaks down to $2.75 a share in cash and $7.95 a share in common stock of the new company. ...

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