Entertainment metadata provider Rovi is buying DVR maker TiVo in a deal worth $1.1 billion, made up of cash and stocks, the Santa Clara-based company revealed in a blog post.
“The new company combines two media and entertainment technology innovators with complementary products, services and intellectual property,” Rovi said. Combined, the two companies have over 6,000 issued patents.
Rovi said that when the transaction is completed it will “adopt the iconic TiVo brand as the new company name.”
While the boards of both companies have approved the deal, it still needs to be nodded through by regulators. Rovi expects the transaction to close in the latter half of 2016.