News

TiVo Sells Stock, Buys Strangeberry

1/27/2004 4:46 AM Eastern

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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