Rovi Buying Veveo

Rovi (NASDAQ:ROVI) has entered into a definitive agreement to acquire Veveo, a provider of personalized entertainment discovery solutions. The deal is intended to combine Veveo's personalization and contextual search tools with Rovi's search and recommendation engine and metadata.

Under the terms of the agreement, Rovi will pay approximately $62 million in net cash at the closing and up to $7 million in additional cash payments. The acquisition is subject to customary closing conditions and is expected to close shortly.