Xperi-owned TiVo has beaten off Roku and Amino in the bidding for the MobiTV assets winning with an $18.5 million (€15.3m) bid.
TiVo ended the first stage of MobiTV’s bankruptcy auction on May 11th with a lead bid of $15.5 million, with the restart scheduled for later on May 12th.
TiVo’s ‘overbid’ has usurped the combination of a joint $5 million bid by Roku for MobiTV’s intellectual property assets; and a $10 million bid by the UK’s Amino for the broader “going concern” portion of MobiTV’s business.
MobiTV is in a Chapter 11 bankruptcy process in the US. TiVo’s acquisition must first be approved by the Delaware court overseeing MobiTV’s Chapter 11 restructuring, but TiVo parent company Xperi believes the transaction will be closed by June.
MobiTV provides turnkey app-based video distribution technology to small and midsized pay-TV operators. It entered bankruptcy in early March, reporting liabilities of $79 million vs only $19 million in assets. T-Mobile, which used MobiTV tech in its recently-launched and quickly-scuttled TVision virtual pay-TV platform, provided MobiTV with $15.5 million in debtor-in-possession financing to keep going amid its Chapter 11 process.