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TiVo offers update on process to explore strategic alternatives

TiVo Corp. on Aug. 8 provided an update on its process to explore strategic alternatives.

The company said it remains open to strategic acquisitions, but at this time does not believe that utilizing capital for a significant acquisition would be the best way to deliver value for shareholders.

TiVo also said the review process has helped the company determine that it has valuable assets and strong market positions in both the product and intellectual property licensing businesses. TiVo said it "remains committed to developing compelling and relevant solutions that can deliver customer value."

"The company will continue to invest in offerings aligned with current and emerging market needs," the company added.

Further, TiVo said its previously identified $10 million in additional current-year cost improvements are almost all implemented. The company now expects to produce annualized savings of $25 million by the end of 2018 from these actions.

Raghu Rau, who the company named interim president and CEO after Enrique Rodriguez resigned to join Liberty Global PLC, will continue to serve the company as CEO during its exploration process.