Rovi, the giant of on-screen program guide technology and search and recommendation tools, completed its $1.1 billion cash and stock acquisition of digital video recorder (DVR) pioneer TiVo, Thursday, and in an unusual turnabout, the buyer said it has changed its name to that of its new asset.
Shortly after the acquisition announcement, the company announced a new on-screen “user experience” called TiVo UX, which will bring together programming options from diverse platforms and sources in a viewer-friendly seamless search and recommendation experience.
“The new TiVo is uniquely positioned to provide ground-breaking offerings that address the rapidly changing media landscape,” stated CEO Tom Carson. “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.”
Rovi said its shares will now be traded on Nasdaq under the TIVO ticker symbol. Daniel Moloney and Jeffrey Hinson, who were former directors of the old TiVo, will join the board of the new expanded company.The new company expects big things from the acquisition to materialize quickly. Rovi said it expected at least $100 million in annual cost synergies to result, and 65 percent of that is forecasted over the first 12 months.