Confirming a report from last night, set-top box maker TiVo Inc. (NASDAQ: TIVO) said this morning that the company has settled patent litigation with Google Inc. (NASDAQ: GOOG), Cisco Systems Inc. (NASDAQ: CSCO), Time Warner Cable Inc. (NYSE: TWC) and Arris Enterprises Inc. (NASDAQ: ARRS). TiVo will receive an upfront, lump-sum payment of $490 million from Google and Cisco to resolve patent licensing disagreements that went to court last year.

Including this settlement, TiVo says it has now received $1.6 billion from awards and settlements related to the use of the company’s intellectual property.

TiVo also said it will double its stock repurchase program, from $100 million to $200 million and extend the program through August 2015, bringing the company’s total cash available for repurchases to $160 million.

Following yesterday’s announcement of a settlement, TiVo’s shares spiked nearly 10%. Now that the details are out, however, the shares are tanking in premarket trading. Investors were clearly looking for a better deal.

Shares of TiVo are down nearly 18% in premarket trading this morning, at $11.35 in a 52-week range of $7.75 to $14.10. Shares closed at $13.71 last night.

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