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TiVo Taps Google, Cisco, Time Warner for Patent Settlement
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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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