TiVo finds new CEO, slightly adjusts financial forecast

TiVo Bolt DVR
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.


Like this story? Subscribe to FierceVideo!

The Video industry is an ever-changing world where big ideas come along daily. Cable, Media and Entertainment, Telco, and Tech companies rely on FierceVideo for the latest news, trends, and analysis on video creation and distribution, OTT delivery technologies, content licensing, and advertising strategies. Sign up today to get news and updates delivered to your inbox and read on the go.

“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.

RELATED: TiVo splits business into 2 independent companies

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.


Suggested Articles

Amobee is launching a data marketplace for connected TV advertising to provide brands and agencies with access to data for activation across connected TV and…

When Charter and Disney earlier this week announced their new carriage agreement, they included news about cooperatively working against video piracy, which…

Cord cutters who opt for streaming video services instead of traditional pay TV will inevitably increase their broadband consumption. But some new research…