TiVo seeks $27.3 million in share sale

Richard Shim Staff Writer, CNET News.com
Richard Shim
writes about gadgets big and small.
Richard Shim
TiVo announced on Thursday that it's offering 2.9 million shares to the public at $9.50 each. The San Jose, Calif.-based digital video recording (DVR) service provider hopes to raise $27.3 million, which it will use to build up cash and supplement its working capital. The company said in a release that it does not intend to use the proceeds to increase expenses or capital expenditures. In October, raised $25 million in a separate stock sale to Crosslink Capital and New Enterprises Associates, in which it sold 6.96 million shares at $3.59 per share.

TiVo's DVR service allows consumers to pause live television shows and program hard-based recorders to store future shows. Consumer electronics companies such as Pioneer Electronics, Sony Electronics and Toshiba have licensing agreements with TiVo to use its DVR service in their products.