TiVo finds new CEO, slightly adjusts financial forecast

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TiVo Bolt (TiVo)

TiVo has found its new CEO: Dave Shull, who most recently served as CEO of The Weather Channel. Shull will take over for interim CEO Raghu Rau, who will go back to his role as vice chairman of TiVo’s board.

“I am honored and excited to be selected by the Board to lead TiVo and its employees, and I look forward to leading the company’s next phase,” said Shull in a statement. “I believe in the company’s strategic direction, and my focus will be on driving the execution of that strategy on both the separation and potential transaction front. My understanding of the industry, experience with strategic transactions, and demonstrated ability to drive cost efficiencies can be instrumental in creating meaningful value for TiVo’s stockholders.”

In addition to The Weather Channel, Shull spent more than 10 year at Dish Network where he held different roles including chief commercial officer and vice president of operations. He joins TiVo as the company is actively exploring how best to split up its products and IP licensing businesses.

“Operating independently, these two businesses will have increased flexibility to pursue new and growing market opportunities. We believe this separation is the best way to maximize shareholder value, while also enhancing the possibility of value-creating strategic transactions,” said Rau in a statement earlier this month.

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Along with bringing on board a new CEO, TiVo is also slightly updating its financial forecasts with more favorable expected results for fiscal 2019. The company now expects revenue of $644 million to $660 million, up from the previous range of $640 million to $654 million, and a GAAP loss before taxes of $72 million to $80 million, lowered from the previous range of a GAAP loss before taxes of $75 million to $87 million. Additionally, the company now expects Adjusted EBITDA of $175 million to $185 million, up from the previous range of $172 million to $178 million.

TiVo also now expects to repay its $345 million of currently outstanding 2020 convertible notes by the maturity date from its cash, cash equivalents and marketable securities on the balance sheet and its anticipated operating cash flow.