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TiVo merges with technology licensor Xperi in $3 billion deal

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Earlier this year, TiVo said it was preparing to split itself into two — a product and IP business — in order to make itself more attractive to buyers. Today, the company announced those plans have been put on hold as it has instead merged with technology licensor Xperi Corporation, in a $3 billion deal. The merger will see each company’s IP licensing and product businesses integrated with one another, then operated as separate units. This will allow the newly combined company to sell off one of those units to a strategic buyer at a later date.

Bloomberg previously reported on the companies’ planned merger.

The combined company will be called Xperi and will be headquartered in San Jose, California. It will continue to sell entertainment services under the TiVo brand, alongside Xperi’s own premium DTS, HD Radio, and IMAX Enhanced brands.

Following the completion of the transaction, Xperi’s CEO Jon Kirchner will become the CEO of the parent company and Xperi’s CFO Robert Anderson will continue to serve in that role for the merged company. TiVo’s CEO, David Shull, meanwhile, will continue as a strategic investor to ensure the transaction completes. The new parent company’s board will include Kirchner plus 6 directors appointed by Xperi and TiVo, who each appoint 3 of the 6.

Shares of TiVo and Xperi stockholders will be converted to shares of the new parent company based on a fixed ratio of 0.4555 Xperi share per existing TiVo share. When the deal completes, Xperi stockholders will own 46.5% of the new company and TiVo stockholders will own approximately 53.5%, on a fully diluted basis.

Each company’s debt will also be refinanced on a combined basis (totaling $1.1 billion) by Bank of America and Royal Bank of Canada.

The new company had $1.09 billion in TiVo revenue and Xperi billings and more than $250 million in operating cash flow on a pro forma basis for the twelve months ended September 30, 2019, the companies said.

Meanwhile, the “$3 billion” figure represents the combined value of Xperi and TiVo. The company sees the deal as a merger, which is why it’s citing the $3 billion figure. The deal, however, values TiVo at around $1.2 billion, Bloomberg had reported. The fully diluted equity value of the combined company would be $2.4 billion, and the enterprise value of the combined company is approximately $3 billion.

TiVo was previously acquired in 2016 by Rovi for $1.1 billion, which took the name TiVo when the deal closed. Once a leader in DVRs, TiVo has struggled to recapture consumer interest in market led by smart TVs and media players like Roku, Fire TV and Apple TV, often by cord-cutters who have no need to record currently airing programs.

Together, the two companies will have a patent portfolio that includes over 10,000 patents and applications with “minimal overlap,” the companies said.

In addition, the new company plans to expand TiVo’s content aggregation, discovery, and recommendation capabilities to include Xperi’s product line including home, auto, and mobile devices. TiVo has been planning to present product news at CES in January, which may shed more light on its plans.

“This landmark combination brings together two highly complementary companies poised to set the industry standard for user experiences across the digital value chain,” said Jon Kirchner, Chief Executive Officer of Xperi, in a statement. “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,” he said.

“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,” Kirchner added.

TiVo CEO David Shull noted also that Xperi’s annual licensing business includes over 100 million connected TV units, and relationships with content providers, CE manufacturers, and automotive OEMs, which now benefit from TiVo’s technology.

Read more: https://techcrunch.com/2019/12/19/tivo-merges-with-technology-licensor-xperi-in-3-billion-deal/

Automotive

China’s autonomous vehicle startups AutoX, Momenta and WeRide are coming to TC Sessions: Mobility 2021

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As the autonomous vehicle industry in the United States marches toward consolidation, a funding spree continues to exhilarate China’s robotaxi industry. Momenta, Pony.ai, WeRide and Didi’s autonomous vehicle arm have all raised hundreds of millions of dollars over the past year. And 21-year-old search engine giant Baidu competes alongside the startups with a $1.5 billion fund launched in 2017 to help cars go driverless.

Their strategies are similar in some regards and diverge elsewhere. The biggest players have deployed small fleets of robotaxis, manned with safety drivers, onto certain urban roads and are diligently testing driverless vehicles inside pilot zones. Some companies embrace lidar to detect the cars’ surroundings, while others agree with Elon Musk on a vision-only future.

The industry is still years from being truly driverless and operational at scale, so some contestants are seeking easier cases to tackle and monetize first, putting self-driving software inside buses, trucks and tractors that roam inside industrial parks.

Will investors continue to back the lofty dreams and skyrocketing valuations of China’s robotaxi leaders? And how is China’s autonomous driving race playing out differently from that in the U.S.?

We hope to find out at the upcoming TC Sessions: Mobility 2021, where we speak to three female leaders from Chinese autonomous vehicle startups that have an overseas footprint: Jewel Li from AutoX, which is backed by Chinese state-owned automakers Dongfeng Motor and SAIC Motor; Huan Sun from Momenta, which attracted Bosch, Daimler and Toyota in its $500 million round closed in March; and Jennifer Li from WeRide, whose valuation jumped to $3 billion after a financing round in May.

We can’t wait to hear from this panel! Among the growing list of speakers at this year’s event are GM’s VP of Global Innovation Pam Fletcher, Scale AI CEO Alexandr Wang, Joby Aviation founder and CEO JoeBen Bevirt, investor and LinkedIn founder Reid Hoffman (whose special purpose acquisition company just merged with Joby), investors Clara Brenner of Urban Innovation Fund, Quin Garcia of Autotech Ventures and Rachel Holt of Construct Capital, Starship Technologies co-founder and CEO/CTO Ahti Heinla, Zoox co-founder and CTO Jesse Levinson, community organizer, transportation consultant and lawyer Tamika L. Butler, Remix co-founder and CEO Tiffany Chu and Revel co-founder and CEO Frank Reig.

Stay tuned for more announcements in these final weeks. Book your general admission pass for $125 today and join this year’s deep dive into the world of all things transportation at TC Sessions: Mobility.




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Source: https://techcrunch.com/2021/05/13/chinese-autonomous-driving-tc-sessions-mobility-2021/

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Motul Goes Retro With Classic Line Of Engine Oil For Older Cars

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Without engine oil your car wouldn’t run for seven minutes, never mind seven decades. Furthermore, ask any car enthusiast about oil and odds are each person will vehemently support one brand over another. Now Motul seeks to win the hearts of classic car owners with a new series of oils that tug on retro heartstrings while also offering better blends for specific eras of motoring.

Motul simply calls its new lubricants the Classic Line, but it’s not just new synthetic oil packaged into cool containers. In a press release, the company says all Classic Line oils include an additive package with high-zinc and molybdenum and start with a base synthetic oil. From there, the individual formulas have various detergent levels and other tweaks that are designed to work better with engines from specific eras going back to pre-1950 vehicles.

It starts with straight-weight, low-detergent Classic Oil SAE 30 and SAE 50 for those old cars, back when engine tolerances weren’t as tight as they are today. Classic Oil 20W-50 is designed for muscle cars, hot rods, and collector cars after 1950 where muscular engines with high-lift cams are common. Classic Oil 15W-50 is a revised version of Motul’s 2100 oil designed for both naturally aspirated and forced induction engines with a focus on 1970s engine technology.

Similarly, Motul’s Modern Classic Eighties 10W-40 and Modern Classic Nineties 10W-30 are also aimed at both naturally aspirated and forced-induction mills. The Nineties oil is further tweaked for better protection in high-revving, DOHC engines.

As for the containers, Motul uses its historical logo for the Classic Oils, while the Modern Classics get their own cool containers with retro appeal. In addition to the actual oil, we suspect there are more than a few car-crazy folks out there keen on simply collecting the neat cans.

The new oil lineup from Motul is available now.

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Source: https://www.motor1.com/news/507193/motul-classic-line-engine-oil/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-category-technology

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Ford Power-Up Launches To Give Models Over-The-Air Software Updates

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Ford Power-Up is the brand’s newly announced name for its over-the-air software updates. One major implementation of this tech is the introduction of voice-controlled Amazon Alexa that can even control your smart home devices from the vehicle.

The Ford F-150 and Mustang Mach-E with the Sync 4 infotainment system already support Power-Up. The Bronco is the next to get the tech, and the Escape and Super Duty receive the functionality this fall. Ford will make 33 million vehicles with Power-Up capability by 2028.

Upcoming over-the-air updates for the F-150 and Mach-E will include improvements to the navigation system to add destination suggestions and conversational voice command recognition. Plus, the Apple CarPlay system will be able to show turn-by-turn navigation on the instrument cluster.

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Soon, the Mach-E gets an app called Sketch (example above) for its infotainment system. It lets owners draw pictures with their fingers on the screen. It could be a fun way to spend the time while waiting for the EV to charge.

The improved Amazon Alexa capability lets simply speak commands for controlling both the vehicle and other Alexa-enabled devices. Users get three years of free functionality. Afterward, owners have to purchase a subscription to retain the features. Ford isn’t yet disclosing the cost after the initial period.

Power-Up goes far beyond just improving the infotainment software because the Blue Oval can send upgrades to over 110 vehicle modules. The company says it can tweak any of them as long as the change doesn’t require hardware changes. When there’s an upgrade, the installation is generally seamless. In cases where the installation takes longer, owners can schedule a time, like overnight when they aren’t using the vehicle.

As an example, Ford used connected vehicle data to identify an issue with the F-150’s zone lighting. The engineers are also working on an update to fix a problem with the Android Auto connectivity in the F-150 and Mach-E. 

If you want to know more about Power-Up, listen to Motor1.com’s podcast Rambling About Cars tomorrow where we interview Ford Director of Retail Operations Kate Pearce about the tech.

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Source: https://www.motor1.com/news/507133/ford-power-up-software-updates/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-category-technology

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Tesla’s Heavy Trucking executive sells $6M+ in stocks

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Tesla’s President of Heavy Trucking Jerome M. Guillen sold over $6 million worth of TSLA stock earlier this week, according to a SEC Form 4 filing. Based on Guillen’s recent Form 4 submission, transactions occurred under transaction code M and code S.

Code M means to exercise or the conversion of derivative security receives from the company, like an option. Transaction code S means the sale of securities on an exchange or to another person. 

Based on the Form 4 filing, the Tesla executive acquired 10,000 stock for the price of $55.32, exercising his options under transaction code M. Under transaction code S, Tesla’s President of Heavy Trucking also disposed of 10,000 stocks at market value, ranging from $628.46 to $664.77. Guillen recently sold TSLA shares totaling $6,440,627.

Looking at Guillen’s activity throughout 2021 thus far, a trend emerges over the past few months. In April, he also sold 10,000 TSLA shares for an average price of $697.87 for a total amount of $6,978,659. Guillen executed similar transactions between January and March.

Compared to Guillen’s transactions, Tesla’s Chief Financial Officer (CFO) Zachary Kirkhorn sold less shares this year. In April 2021, Kirkhorn sold 1,250 shares for an average price of $718, totaling $897,500. While in March, the CFO sold 4,068 TSLA shares for an average of $655.81-$595.08 with a total amount of over $2 million. 

Jerome Guillen’s role in Tesla changed from president of Automotive to president of Heavy Trucking, according to a regulatory filing dated March 11, 2021. The shift in his role suggests that Guillen will have fewer overall responsibilities at Tesla in terms of overseeing the company’s entire automotive business. Instead, his new role suggests that Guillen will be concentrating more on the production of the Tesla Semi, the company’s much-anticipated all-electric Class-8 truck. 

The Teslarati team would appreciate hearing from you. If you have any tips, email us at [email protected] or reach out to me at [email protected].

Tesla’s Heavy Trucking executive sells $6M+ in stocks

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Source: https://www.teslarati.com/tesla-jerome-guillen-sells-tsla-stocks/

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