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TiVo wedded to Rovi in $1.1BN deal, and Rovi will take TiVo's name

DVR maker TiVo will be acquired by entertainment data company Rovi in a cash and stock deal later this year, with the new company being called TiVo.

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Billion-dollar baby: TiVo will soon be adopted by Rovi.

Sarah Tew/CNET

Entertainment metadata provider Rovi is buying DVR maker TiVo in a deal worth $1.1 billion, made up of cash and stocks, the Santa Clara-based company revealed in a blog post.

"The new company combines two media and entertainment technology innovators with complementary products, services and intellectual property," Rovi said. Combined, the two companies have over 6,000 issued patents.

Rovi said that when the transaction is completed it will "adopt the iconic TiVo brand as the new company name."

While the boards of both companies have approved the deal, it still needs to be nodded through by regulators. Rovi expects the transaction to close in the latter half of 2016.