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Rovi Stock Soars on TiVo Acquisition

NEW YORK (TheStreet) -- Rovi (ROVI - Get Report) stock is advancing 8.65% to $18.85 in pre-market trading after the San Carlos, CA-based digital entertainment company agreed to acquire TiVo (TIVO), a next-generation television service provider, in a cash and stock deal valued at $1.1 billion.

Shares of San Jose, CA-based TiVo are rising 5.94% to $9.98 in pre-market trading this morning.

Rovi agreed to pay $2.75 per share in cash and $7.95 per share in common stock of a new holding company that will own Rovi and TiVo.

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