Philips, which already has agreements to manufacture TiVo's set-top recording device, will make a multimillion dollar investment according to executives with TiVo, a start-up that provides "personalized TV" services. Exact terms of the deal were not announced.
Philips' investment comes a day after DirecTV, a unit of Hughes Electronics, said it would become TiVo's largest corporate investor, with a stake in excess of 10 percent. DirecTV also received a position on TiVo's board. Philips' stake is less than 10 percent. Showtime, a provider of TV programming, also recently took an equity stake in the company.
"We're working with different aspects of the industry to really ensure we've got proper partners lined up to offer consumers the best experience," said Lisa Varni, director of marketing communications at TiVo.
The investment won't be the last high-profile investment in TiVo, either. TiVo's Varni said one of the main network television players is expected to make an investment soon.
The investment by Philips is not exclusive, and TiVo said it is working on signing up other consumer electronics manufacturers to produce digital recording devices.
TiVo isn't the only personalized TV service provider that is receiving backing from high-profile investors. Last month, Replay Networks, which offers a similar service, said it was getting an $8 million investment from Kleiner Perkins Caufield & Byers.