Shares of TiVo (TIVO) were lower by 1.04% to $19 on Wednesday morning, despite the media and entertainment company announcing that it has signed a multi-year intellectual property license deal with TV streaming platform Roku.
The deal grants Roku access to thousands of patents, but its financial terms have not been disclosed. The IP license covers the TiVo and Rovi Corporation patent portfolios as well as the over-the-top (OTT) assets of the Intellectual Ventures patent portfolio under the TiVo/IV licensing partnership.
"This license agreement with Roku underscores the importance of TiVo's comprehensive patent portfolios for the fast-growing streaming entertainment industry," Rovi executive VP, intellectual property and licensing Samir Armaly said.
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