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Rovi nearing deal to acquire DVR maker Tivo Inc: Bloomberg

Reuters

(Reuters) - Rovi Corp, which provides digital entertainment guides, is nearing a deal to acquire digital-video recording maker TiVo Inc, Bloomberg reported citing sources.

Talks have progressed and Rovi may announce a deal as soon as Friday, the report said, citing people with knowledge of the matter.

Rovi is expected to pay a premium of about 10 percent for TiVo, implying a value of about $1 billion, Bloomberg said, citing the people.

Shares of TiVo closed up 2.1 percent at $9.42 on Thursday, giving the company a market capitalization of about $922 million.

The two businesses are similar so that a combination is compelling in terms of both revenue and cost synergies, the report said.

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TiVo and Rovi were not available to comment outside of regular U.S. business hours.

Rovi postponed a scheduled post-earnings conference call to Friday morning, without providing a reason. The company was scheduled to host the call at 5:00 p.m. ET (2100 GMT) on Thursday.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Bernard Orr)