TiVo and Xperi – the company behind brands including DTS and IMAX Enhanced – have finalized their merger and created a new media technology and IP licensing company.
The all-stock transaction, representing approximately $3 billion of combined enterprise value, combines both companies under the Xperi Holding Corporation name. TiVo common stock previously traded under the ticker symbol TIVO and, as of June 1, is no longer listed for trading.
Xperi’s Chief Executive Officer, Jon Kirchner, will serve as CEO of the new parent company and Xperi’s CFO, Robert Andersen, will serve as chief financial officer. TiVo CEO David Shull will continue as a strategic advisor to ensure a successful integration.
“We are genuinely excited by this transformative merger with Xperi and we believe the challenges of our current environment have highlighted the importance of the strategic value of being able to successfully bring together the Xperi and TiVo technology, products, and teams,” said Shull during TiVo’s most recent earnings call, according to a Seeking Alpha transcript.
The companies said the merger will combine Xperi’s product offerings in the home, auto and mobile device ecosystems with TiVo’s content aggregation, discovery and recommendation engines.
“With this combination, we are better positioned to transform the entertainment experience across the home, auto and mobile markets with smarter technologies that enable extraordinary experiences. With the combined expertise of our innovative R&D teams and a broader market TAM, we will be well positioned to achieve even better patent monetization outcomes, greater cash flow generation and long-term value creation,” said Kirchner in a statement.
Shull said during a press conference in December that the combined companies will be better positioned to thrive in the streaming video market.
“The new Xperi can help consumers cut through the entertainment chaos,” said Shull. “TiVo technology will apply the intelligence that allows consumers to discover what they want, while Xperi powers the actual experience through immersive audio and advanced imaging. Through Xperi's channels, we will bring TiVo capabilities into TVs.”