Following their merger, TiVo and Xperi have created a new media technology and IP licensing company.
The all-stock transaction, representing approximately $3 billion of combined enterprise value, combines both companies under the Xperi Holding Corporation name.
John Kirchner, chief executive officer of Xperi, will serve as CEO of the new parent company. TiVo CEO David Shull will continue as a strategic advisor to ensure a successful integration.
The companies said the merger will combine Xperi’s product offerings in the home, auto and mobile device ecosystems with TiVo’s content aggregation, discovery and recommendation engines.
“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 monetisation outcomes, greater cash flow generation and long-term value creation,” said Kirchner.