TiVo Purchases MobiTV At Bankruptcy Auction For $18.5 Million
May 12, 2021 – TiVo Corporation has purchased MobiTV for $18.5 million. The deal includes MobiTV’s intellectual property and MobiTV’s going concern business. TiVo acquired the company after being deemed the winning bidder following a multi-round bankruptcy auction.
MobiTV filed for voluntary Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the District of Delaware in March 2021. MobiTV is a streaming TV platform enabling app-based pay TV services for large and small broadband and wireless providers.
TiVo is a wholly-owned-subsidiary of Xperi Holding Corporation. Jon Kirchner, chief executive officer of Xperi, released the following statement on the purchase:
“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. 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.”
TiVo’s purchase must still receive final approval from the Bankruptcy Court.
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