A Delaware bankruptcy court judge approved TiVo’s $ 18.5 million offer to acquire the assets of MobiTV, the video infrastructure and software provider that filed for a voluntary Chapter 11 restructuring. March, according to Bloomberg.
Update: here is order approving the transaction (PDF).
The court’s approval comes approximately nine days after TiVo became the first bidder for MobiTV’s assets, including the company’s patent and intellectual portfolio as well as MobiTV’s âgoing concernâ business which enables to dozens of cable and telecom operators to provide IP applications and services. pay television services. TiVo defeated a combined $ 18 million bid from Amino Technologies ($ 13 million for MobiTV’s continuity business) and a Roku and RPX joint venture ($ 5 million for MobiTV’s IP / patent assets ).
Other qualified bidders for MobiTV’s assets prior to the auction included TV2 Consulting, Vobile Group, Aire and Streaming TV Acquisition, a group that an industry source said was led by Comporium Communications, with financial backing from Cable One. / Sparklight and Buckeye. Cable television.
According to recent auction results released with the U.S. Delaware District Bankruptcy Court, TiVo is obligated to complete the transaction no later than 4 p.m. EST on June 1, 2021.
TiVo believes that the MobiTV asset deal will add essential technology and service components to its managed IPTV platform and increase the scale of its broader pay TV business. The deal is also taking shape as Xperi, which merged with TiVo in June 2019, explores a plan to sever its product and IP business, possibly by mid-2022.
âIt was clear for us to be successful on our own, we had to find growth in our largest market. [for the products side of the business], which is pay TV, “Geir Skaaden, executive vice president and director of products and services at Xperi, told Light Reading in a recent interview.” This activity around MobiTV was really driven by the product side. ”
– Jeff Baumgartner, Editor-in-Chief, Light Reading