TiVo, Xperi Got Regulatory OK to Combine; Shull Says ITC Protects IP

TiVo and Xperi, on course for a June combination, got regulatory OK, their executives told investors on quarterly calls Wednesday. On the International Trade Commission’s latest limited exclusion order (see 2004280028) banning import of Comcast X1 set-top boxes, TiVo CEO David Shull called his firm's two victories against the cable operator, finding the cabler infringed on TiVo-owned Rovi patents, "significant." He said they confirm the ITC will continue to be a venue where the company can protect intellectual property. Comcast had to remove features and functionality from the X-1, Shull said. The administrative law judge's initial determination for a third ITC case is due by June 29; the commission's final determination is due by Oct. 29, he said. Comcast didn't comment Thursday. Chief Financial Officer Wes Gutierrez said TiVo is fortunate COVID-19 hasn’t had a significant impact on revenue. Most sales come from agreements with pay-TV operators and others in the video delivery industry, he said. The company expects Android TV-based IPTV deployments to drive footprint growth this year, said Shull. Eleven North American MVPDs agreed to deploy the self-install process, he noted. TiVo had a 58% boost in entertainment viewing across the TiVo platform beginning March 23, Shull said, regarding COVID-19. TiVo Q1 revenue of $160 million was up 1% over the year-ago quarter, it reported. Xperi Q1 billings were $112.8 million vs. $104.3 million. Materials for its latest quarter are here, including information on the conference call. For TiVo's call, see the event here.