Rovi has completed its acquisition of the pioneering DVR company TiVo and will adopt the TiVo name. Deadline.com reports that the $1.1 billion acquisition deal struck in May is now final.
Said CEO Tom Carson: “The new TiVo is uniquely positioned to provide ground-breaking offerings that address the rapidly changing media landscape. Our broader product portfolio, more innovative patented technologies, increased resources and a stronger financial profile position us strongly for success and to continue providing the ultimate entertainment experiences to consumers across the globe.”
Carson “plans to develop products that enable users to access traditional pay TV channels as well as streaming services and what he calls ’emerging providers,'” Deadline reports. “The new company has vowed to see at least $100 million in annual cost synergies, with 65% to be evident within its first 12 months.”
Shares in the company will now be traded on Nasdaq with the TIVO ticker symbol, the report notes, while two directors from the old TiVo, Daniel Moloney and Jeffrey Hinson, will be on the board of the new TiVo.