TiVo to acquire MobiTV assets from Chapter 11

TiVo Corporation Agrees to Acquire MobiTV Assets From Chapter 11 Bankruptcy

SAN JOSE, Calif. — Xperi Holding Corporation (Nasdaq: XPER) (the “Company”, “Xperi” or “we”) today announced that its wholly-owned-subsidiary TiVo Corporation was selected as the successful bidder at auction to acquire the assets of MobiTV, a global leader in application-based Pay TV video delivery solutions. The acquisition is in connection with MobiTV’s recently announced Chapter 11 bankruptcy process.

MobiTV delivers a full TV platform, including live and on-demand content, network recording functionality and transport rights. The MobiTV solution provides an attractive extension of TiVo’s IPTV Pay-TV service offerings by adding managed services with the ability to reduce deployment time and onboarding costs. MobiTV will help increase TiVo’s IPTV penetration with U.S. Pay-TV operators enabling them to rapidly launch a branded, fully featured, app-based Pay-TV service. The acquisition includes MobiTV’s patent portfolio, which is highly complementary to Xperi’s existing media patent portfolio.

“The acquisition of the MobiTV assets immediately expands our capabilities and the addressable market for our IPTV solutions, helping to secure TiVo’s position as a leading provider of Pay-TV solutions,” said Jon Kirchner, chief executive officer of Xperi. “As a result, the acquisition of MobiTV’s managed service assets will help accelerate our growth in the IPTV market through an increased subscriber footprint.”

The closing of the transaction is subject to various conditions, including approval by the bankruptcy court. Subject to bankruptcy court approval and pending closing, Xperi expects MobiTV’s operations to continue in the ordinary course. The acquisition is expected to close by early June 2021 and to be accretive beginning in 2022.