Toshiba Licenses TiVo Technology13 Nov, 2002 By: Hive News
TiVo stock got a healthy bump today after Toshiba America Consumer Products Inc. (TACP) announced it has licensed TiVo's digital video recorder (DVR) technology for use in its next generation of DVD players.
"Toshiba, one of the world's largest consumer electronics companies, has always been a driving force in spurring widespread adoption for innovative new products and brand new product categories," said TiVo CEO Mike Ramsay,. "TiVo is the most widely licensed DVR platform today and the technology licensing agreement with Toshiba is critical to our goal of creating an open standards platform that will spur exciting new products for consumers and mass deployment of DVR technology."
A Toshiba spokesperson said home entertainment devices incorporating TiVo will be available for the 2003 holiday buying season. TiVo stock jumped $1, from $4.90 to $5.90, on the news.
"We are very excited to offer TiVo to consumers and incorporate this innovative technology into our future product lines," said TACP president Toru Uchiike. "We view DVR as a central component to the next generation of digital consumer products. With the sophisticated, user-friendly navigation interface, TiVo is the DVR solution of choice. Toshiba views this agreement as an opportunity to develop solutions that support our vision and capitalize on the combined strength of the Toshiba and TiVo brands."