Rovi and TiVo Get Key Regulatory Approval for Proposed Transaction

Rovi Corporation ROVI and TiVo Inc. TIVO revealed that the Federal Trade Commission, as well as, the Antitrust Division of the Department of Justice gave early termination of the waiting period. This was in respect of the proposed acquisition of TiVo by Rovi. Rovi said that the planned transaction remained subject to other customary closing conditions. That included Rovi and TiVo stockholders approval. The company pointed out that early termination of the waiting period was granted only if both the regulators have completed their review and determined not to take any enforcement action. Both continued to expect the transaction to close in the third quarter of the current year. Rovi's CEO, Tom Carson, commented, "We are delighted to reach the important milestone of obtaining clearance from the Federal Trade Commission and the Department of Justice, which brings us one step closer to joining forces with TiVo. The combination of Rovi and TiVo brings together two industry powerhouses focused on ushering in the next wave of the consumer entertainment experience. Our complementary products, services, and innovative patented technologies will transform the media and entertainment landscape, further enabling our customers to build more profitable relationships with consumers." The two companies indicated that the fresh company would enable these two leading entertainment tech innovators to use their complementary products, services, and IP assets. While TIVO shares traded 0.50 percent up, ROVI shares were higher by 1.06 percent on Monday.