- Combined companies will operate under Xperi Holding Corp name
- TiVo brand will continue as consumer-facing operation
- John Kirchner named CEO following $3 billion tie-up
TiVo and Xperi have formed a new media technology and IP licensing company after they completed a $3 billion merger earlier this week.
The companies have combined under the Xperi Holding Corporation name, which will be led by Xperi CEO John Kirchner.
TiVo CEO David Shull is set to continue with the company as a strategic advisor to ensure a successful integration of the two businesses, which will maintain the TiVo brand for consumer-facing media and entertainment products.
The combined company, valued at around £3 billion, will offer consumers a digital entertainment platform featuring an end-to-end entertainment experience. The platform will combine Xperi Corporation’s product offerings in the home, auto and mobile device ecosystems with TiVo Corporation’s content aggregation, discovery and recommendation engines.
The combined IP portfolio spans more than 11,000 patents and applications, with recurring subscriber-based IP revenue providing important stability and diversification for the business.
“We are proud of the incredible resilience shown by our teams to close this transaction as planned during these challenging times. We are excited about the opportunities ahead for the combined company to serve our customers, while continuing to deliver long-term cash flow and value to our shareholders,” said Kirchner.
“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.”
The merger was first announced in December but was subject to a late bid for Xperi from former CEO Tom Lacey and Metis Ventures, where he is a managing member.