06.12.2013 08:41 AM
TiVo settles patent litigation, garners $490 million
TiVo announced June 7 that it has settled patent litigation with Motorola (now owned by Google and Arris), Cisco and Time Warner Cable.
The company also said it has agreed to enter into patent licensing arrangements with Arris, Cisco, and Google. As part of the settlement, Google and Cisco will pay TiVo an upfront lump-sum payment of $490 million, bringing the total from awards and settlements related to the use of certain TiVo intellectual property to roughly $1.6 billion.
TiVo's board of directors also approved an expansion of TiVo's stock repurchase authorization. The board's action doubles the size of the authorization from $100 million to $200 million and extends the stock repurchase plan for an additional two years until August 29, 2015.
As part of the settlement, TiVo and Motorola, Cisco and Time Warner Cable agreed to dismiss all pending litigation between the companies.