Interactive TV Guide Provider Rovi to Buy Sonic Solutions for $775 Million Bloomberg
Rovi Corp., which provides interactive television guides for cable and satellite services, has agreed to buy Sonic Solutions, which provides streaming services of shows and movies, for $775 million, reports Bloomberg News.
The goal of the combined company is to sell services to companies such as Best Buy and Blockbuster that will allow them to compete with Netflix and Amazon.com by offering TV shows and movies online, according to Sonic Chief Executive David Habiger.
“You’ve got a dramatic shift going on in the way people access content. They are moving from physical discs to streamed digital content," Habiger said, according to the story.
Rovi licenses its TV guides to partners such as pay-TV services, while Sonic has deals with Hollywood studios, the story says.