Report : Rovi Nears Deal To Buy DVR Pioneer TiVo

(RTTNews) - Rovi Corp. (ROVI), which provides on-screen guides for pay-TV listings, is nearing a deal to acquire digital-video recording pioneer TiVo Inc. (TIVO), Bloomberg reported citing people familiar with the matter.

The report indicated that Talks have progressed and Rovi may announce a transaction as soon as Friday. Rovi will likely pay a premium of about 10 percent for TiVo, implying a value of about $1 billion.

Rovi Thursday postponed a scheduled quarterly earnings call until tomorrow morning, without providing a reason.

The two businesses are so similar that a combination is compelling in terms of both revenue and cost synergies. A deal hasn't been finalized, the report said.