TiVo has announced its board has approved plans to split the company into two companies as it seeks to attract buyers.
Under the plans, the product division and intellectual property licensing unit will split.
“Throughout the separation process, the board of directors will continue to be open to strategic transactions for each business … and is actively engaged in discussions with parties interested in each of the businesses,” the company said in a statement.
TiVo’s product division includes digital video recorders, streaming devices and software services.
“Operating independently, these two businesses will have increased flexibility to pursue new and growing market opportunities. We believe this separation is the best way to maximise shareholder value, while also enhancing the possibility of value-creating strategic transactions,” said Raghu Rau, interim president and CEO of TiVo.
