TiVo sells for $1.1bn

DVR service TiVo has been acquired by Rovi for $1.1bn.

Rovi, a company specializing in TV guide and analytics services, said it would be paying $10.70 per share to acquire TiVo. It hopes that the combination of Rovi and TiVo services will lead to the creation of both OTT video and TV services for consumers as well as TV analytics services for broadcasters and video service providers.

The deal is expected to close in Q3 of this year.