TiVo Inc. on Tuesday said it set a long-term deal to supply a customized version of its digital video recording system to cable TV giant Comcast Corp.'s cable subscribers, in an agreement that will boost TiVo's distribution. TiVo's share price soared on the news.
The deal calls for TiVo to adapt its software to work on Comcast's existing DVR platform, and it allows TiVo to extend to Comcast subscribers the advertising it sells in the form of interactive video clips that automatically appear in the TiVo menu. The deal was said to be valued in the range of $10 million to $30 million
TiVo's share price jumped 48 percent, or $1.85, to $5.68 in Tuesday morning trading.
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