US media software company Rovi has agreed to acquire TiVo, the maker of popular digital video recorders and set-top boxes, for $1.1 billion, the companies said Friday.
The cash-and-stock deal "combines two media and entertainment technology innovators" to "write the next chapter of the consumer entertainment experience."
The tie-up will bring together Rovi, which makes software that helps provide search recommendations for entertainment content, with TiVo, a pioneer in the hardware that allows television viewers to record, pause and replay programs.
The deal "strengthens Rovi's position as a global leader in media discovery, metadata, analytics, and IP (intellectual property) licensing," said Rovi chief executive Tom Carson, who will lead the combined company.
"It's an exciting time as the media and entertainment landscape undergoes a significant evolution. "The combined capabilities of TiVo and Rovi place us in a tremendous position to extend services across platforms and to a customer base that includes traditional, over-the-top and emerging players across the globe."
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