Xperi and TiVo announced Thursday that they are to combine. The deal is said to be worth $3 billion.

DVR and software licensing firm TiVo and audio technology marketer Xperi are coming together in an all-stock deal. Xperi boss Jon Kirchner will be CEO of the new company. The combined company will keep the Xperi name. However, the TivO brand will remain.

Mr. Kirchner said:

This landmark combination brings together two highly complementary companies poised to set the industry standard for user experiences across the digital value chain. Together, we will be able to integrate TiVo’s leading content aggregation, metadata, discovery, and recommendation capabilities with our home, automotive, and mobile technology solutions to help our customers create experiences that excite and delight consumers. Additionally, the combined company will continue to unlock the value of our strategic and sizable patent portfolios by bringing together our deep industry expertise and powerful innovation engines. Through greater scale and diversity, we will deliver attractive and sustainable long-term cash flow and shareholder value.

TiVo CEO David Schull said:

There is more content, and more ways to enjoy that content, than ever before. In a rapidly expanding and fragmenting digital universe, consumers want and need to be able to easily find and enjoy the content that matters to them. TiVo has always been the company that brings entertainment together. Now, we can significantly expand our mission. With Xperi’s annual licensing of more than 100 million connected TV units, and complimentary relationships with major content providers, consumer electronics manufacturers, and automotive OEMs, our combined company will transform the home, car, and mobile entertainment experience for the consumer.

The new firm is set to be one of the largest licensing companies in the world. Between them, they have over 10,000 patents and applications.

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