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Rovi Paid $12M For Fanhattan

Reveals Price In SEC Filing 11/20/2014 10:15 AM Eastern
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An SEC filing shows that Rovi acquired Fanhattan for $12 million, a bargain considering how much the video tech startup had raised through the years.

Rovi acquired Fanhattan, the maker of advanced user interfaces and an IP-based set-top box platform, for $12 million in cash, the company revealed in a 10-Q document filed on November 6.

 

Rovi, which closed the deal on October 31, announced the acquisition on November 3.  The final purchase price is much in line with what Re/code reported at the time, noting that  Fanhattan was looking to sell for about $15 million, even though investors had put “at least $40 million into different incarnations of the company over the years.”

 

Rovi didn’t disclose the purchase price when it announced the all-cash deal, but did say that the company intends to continue to offer Fanhattan’s products, including the Fan TV box, on a stand-alone basis, adding that it’s also “very open” to working with the company’s OEM partners should they want to license the platform and build their own solutions. Rovi, which has relationships with several major MVPDs and consumer electronics companies, said it will also be looking to rapidly expand the reach of Fan TV’s platform.

 

Following its work with Cox Communications on the MSO’s short-lived “FlareWatch” technical trial, Fanhattan later scored a partnership with Time Warner Cable, whereby the MSO is currently offering live and on-demand content on the Fan TV platform via the TWC TV app. TWC subs can buy the Fan TV box and remote control for $149. 

 

When it bought Fanhattan, Rovi said “almost all” Fan TV employees would join the company, including Fanhattan founders Gilles BianRosa and Olivier Chalouhi, who have joined the leadership team of Rovi’s Discovery Products Business Group. 

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