TiVo Files with SEC to Raise $100M
DVR Vendor Pinning Hopes on HD DVR, Software Rollouts by Cable Operators
By Jon Hemingway -- Broadcasting & Cable, 9/19/2007 10:32:00 AM
Digital-video-recorder provider TiVofiled with the Securities and Exchange Commission to raise up to $100 million through the sale of securities.
The filing of the shelf registration allows TiVo to raise money through the sale of debt securities, preferred stock and common stock. The company did not announce a specific transaction at this time.
The company said it will use the cash raised from a sale for general corporate purposes, including research and development; sales and marketing; working capital; reducing debt; or capital expenditures.
TiVo recorded a $17 million loss in the second quarter, largely tied to an inventory write-down of parts for its standard-definition product. But the company hopes to turn its fortunes with the launch of a new high-definition DVR product this summer and the rollout of its software on cable-operator systems such as Comcast and Cox Communications.
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