After having just secured an investment from satellite TV provider DirecTV, TiVo gets more support: Philips Electronics announced today that it too is investing the provider of digital VCR technology and services.
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
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.