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US antitrust authorities, the Department of Justice and the Federal Trade Commission have all granted approval for the Rovi $1.1 billion (€0.9bn) acquisition of TiVo to go ahead.
Shareholders in the two businesses still have to give their formal approval to the deal, which is expected to close during Q3 this year.
As announced on April 29th, the new pairing will allow these two entertainment technology innovators to use their complementary products, services, and intellectual property assets “to focus on the common mission of providing technology and innovations that address the changing media landscape”.
“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,” said 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 utilizing these assets for the benefit of both our customers and stockholders as soon as the transaction is completed.”