TiVo shares jump on reported Motorola settlement
This post has been updated. See below for details.
Shares of TiVo Inc. jumped more than 8% on Thursday because of a report that the set-top box maker had reached a settlement with Google’s Motorola Mobility unit.
TiVo sued Motorola last year for billions of dollars for patent infringement over its digital video recording technology. Motorola previously hit TiVo with a lawsuit over its DVR technology in 2011.
Bloomberg News reported Thursday afternoon that TiVo and Motorola had settled the patent dispute, citing a clerk in the trial judge’s chambers. The trial was supposed to begin next week, according to Bloomberg.
Michael Boccio, a spokesman for TiVo, said the company had no comment.
A Motorola spokesman said “we’re pleased that all parties involved have reached an agreement to resolve pending litigation.”
Google bought Motorola in May 2012 for $12.5 billion.
TiVo shares rose $1.05, or 8.3%, to $13.71 at the close of trading in New York.
ALSO:
‘The Purge’ may boss ‘The Internship’ around at box office
BabyFirst, with premium YouTube channel and new investor, expands
Produced by Conference: A conversation with co-Chair Gary Lucchesi
Twitter: @rfaughnder
This post was updated to include a response from Motorola.
From the Oscars to the Emmys.
Get the Envelope newsletter for exclusive awards season coverage, behind-the-scenes stories from the Envelope podcast and columnist Glenn Whipp’s must-read analysis.
You may occasionally receive promotional content from the Los Angeles Times.
