TiVo, Xperi Agree to Merge in $2.4 Billion All-Stock Deal (2)

TiVo Corp., the inventor of the digital video recorder, and technology licensor Xperi Corp. agreed to merge in an all-stock transaction that gives the combined company an equity value of $2.4 billion.

The deal values TiVo at a 21% premium to Wednesday’s closing price. TiVo shareholders would own 54% of the combined company, which would be run by Xperi Chief Executive Officer Jon Kirchner, according to a statement on Thursday, confirming an earlier Bloomberg News report.

Combining the companies could create at least $50 million in savings, according to the statement. The transaction also puts on hold TiVo’s ...