TiVo set-top boxes available through pay-TV providers and retail stores will now come with Netflix services more fully integrated, including a unified search option and a dedicated Netflix button on remotes. Netflix also has gotten a license to TiVo's patent portfolios and to the company's over-the-top patent portfolio with privately owned global invention company Intellectual Ventures.
TiVo shares were up 1.9% to $21.15 on the news Tuesday morning. The stock is up nearly 27% year-to-date.
Netflix stock climbed more modestly, rising about 1% to $118.07 by late morning. Shares of the Los Gatos, Calif., company are up about 3.2% so far this year.
"Our agreements with Netflix represent a major milestone for TiVo as we expand our offerings for the fast-growing OTT space and further [demonstrate] our commitment to delivering innovative technologies to new and emerging markets," TiVo CEO Tom Carson said in the statement.
The move to seal a deal with Netflix comes after TiVo, then Rovi, lost a legal tussle with the video streamer.
In July, five patents of...