The board of directors of the combined company will include participation from TiVo's current board. The boards of both companies have approved the transaction, which is subject to customary closing conditions, including approval by TiVo's and Rovi's stockholders. The companies expect the deal to close in Q3 of 2016.
"Rovi's acquisition of TiVo, with its innovative products, talented team, and substantial intellectual property portfolio, strengthens Rovi's position as a global leader in media discovery, metadata, analytics, and IP licensing," said Carson. "It's an exciting time as the media and entertainment landscape undergoes a significant evolution. The combined capabilities of TiVo and Rovi place us in a tremendous position to extend services across platforms and to a customer base that includes traditional, over-the-top and emerging players across the globe. By working together, Rovi and TiVo will revolutionize how consumers experience media and entertainment and at the same time build value for our stockholders."