Xperi and TiVo Complete Merger, Establishing Leading Digital Entertainment Technology and IP Licensing Platform

June 2 2020, 01:10
Xperi Holding Corporation (“Xperi”) announced that it has completed the merger of Xperi Corporation and TiVo Corporation, forming a new expanded digital entertainment technology platform and one of the industry’s largest and most diverse intellectual property (IP) licensing platforms. The combined company will operate a number of industry leading technology brands, including the TiVo brand for consumer-facing media and entertainment products.

Xperi Holding Corporation now combines all DTS, HD Radio, IMAX Enhanced, Invensas and TiVo brands, and startup Perceive. Xperi technologies are integrated into billions of consumer devices, media platforms, and semiconductors worldwide.

"In a time when consumers want personalized and seamless access to entertainment anywhere, anytime and on any device, the combined company will offer consumers a digital entertainment platform featuring an end-to-end entertainment experience, from choice to consumption. The platform will combine Xperi Corporation’s leading product offerings in the home, auto and mobile device ecosystems with TiVo Corporation’s best-in-class content aggregation, discovery and recommendation engines – creating unique opportunities for content providers, consumer electronics manufacturers and automotive makers," Xperi states.

“We are proud of the incredible resilience shown by our teams to close this transaction as planned during these challenging times. We are excited about the opportunities ahead for the combined company to serve our customers, while continuing to deliver long-term cash flow and value to our shareholders,” says Jon Kirchner, Chief Executive Officer of Xperi.

"The scale achieved through the combined company will also enable the combined company to invent, develop and deliver technologies that enable extraordinary experiences, ultimately making entertainment more entertaining and smart devices even smarter for tens of millions of individual consumers," they add.

"Additionally, the combined company will continue to invest in groundbreaking technologies that expand its leading intellectual property and bring new and exciting inventions to is licensing customers. With a shared track record of creating value through intellectual property licensing, the combined IP portfolio spans more than 11,000 patents and applications, with recurring subscriber-based IP revenue providing important stability and diversification for the business."

“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 monetization outcomes, greater cash flow generation and long-term value creation,” Kirchner continued.

Xperi Corporation and TiVo Corporation are now combined under Xperi Holding Corporation. From June 2, the shares of the combined company will continue to trade on the Nasdaq Global Select Market under the Xperi ticker symbol XPER. As previously announced, the shares held by of TiVo Corporation and Xperi Corporation stockholders will be converted into the shares of the new parent company, Xperi Holding Corporation, at their respective exchange ratios. TiVo common stock previously traded under the ticker symbol TIVO and, as of June 1, is no longer listed for trading.
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