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TiVo, Netflix Sign Licensing Deal

TiVo (TIVO) is making nice with online video streamer Netflix (NFLX) as the San Carlos, Calif., digital video recorder and TV technology company looks to avoid lawsuits and boost its offerings.

The agreement, announced following Monday's closing bell, advances the companies' existing product partnership and also instates a new intellectual property license deal.

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...