Rovi’s proposed $1.1 billion acquisition of TiVo was given the go-ahead by the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) July 11, after they announced an early termination of the antitrust review of the deal.
The proposed acquisition is still subject to other closing conditions, including approval by both Rovi and TiVo stockholders. Rovi still expects to close the deal by the third quarter.
“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 Rovi CEO Tom Carson, in a statement. “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.”
Naveen Chopra, interim CEO and CFO of TiVo, added: “We are very pleased to receive the approval of the Federal Trade Commission and Department of Justice. 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.”