TiVo Sells Stock, Buys Strangeberry
By Multi Channel News Staff -- Multichannel News, 1/27/2004 12:24:00 PM
TiVo Inc. said Tuesday that it will issue and sell 8 million registered shares of its common stock at $9.30 apiece in an effort to raise $74 million.
Proceeds from the sale, to institutional investors, will be used for general corporate purposes -- primarily to fund sales, marketing and customer acquisitions, and secondarily to fund research and development, capital expenditures and working capital -- the digital-video-recorder vendor said.
TiVo also said Tuesday that it has acquired Strangeberry Inc., a Palo Alto, Calif.-based technology company specializing in using home-network and broadband technologies to create new entertainment experiences on television.
TiVo acquired Strangeberry's intellectual-property assets and engineering staff in exchange for equity. Financial terms were not disclosed.
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