The US Federal Trade Commission and the Antitrust Division of the Department of Justice have cleared Rovi Corp’s proposed acquisition of TiVo.
tivoThe two granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The proposed transaction remains subject to other customary closing conditions, including the approval of Rovi and TiVo stockholders. Both Rovi and TiVo continue to expect the $1.1 billion transaction to close in the third quarter of calendar year 2016.
“We are delighted to reach the important milestone of obtaining clearance from the Federal Trade Commission and the Department of Justice, which brings us one step closer to joining forces with TiVo,” said Tom Carson, CEO of Rovi.
“The combination of Rovi and TiVo brings together two industry powerhouses focused on ushering in the next wave of the consumer entertainment experience. Our complementary products, services and innovative patented technologies will transform the media and entertainment landscape further enabling our customers to build more profitable relationships with consumers.”
“We are very pleased to receive the approval of the Federal Trade Commission and Department of Justice,” added Naveen Chopra, interim CEO and CFO of TiVo. “Moreover, we continue to see tremendous opportunity for the combination of TiVo and Rovi. Together we possess key product, technology, and service capabilities to redefine television. We look forward to utilising these assets for the benefit of both our customers and stockholders as soon as the transaction is completed.”
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