EMERYVILLE, Calif., May 12, 2021 /PRNewswire/ -- MobiTV, Inc. ("MobiTV") today announced that TiVo Corporation ("TiVo"), a wholly owned subsidiary of Xperi Holding Corporation, has been selected as the winning bid in its court-supervised auction and will acquire substantially all of MobiTV's assets. TiVo's bid was valued at $18.5 million in a combination of cash and certain assumed liabilities. The transaction is subject to Bankruptcy Court approval, as well as regulatory approvals and customary closing conditions.
Charlie Nooney, CEO of MobiTV, stated, "On behalf of our entire management team, I'd like to extend sincere gratitude to the employees and partners that have enabled us to reach this outcome. We look forward to a swift close of the transaction."
The transaction will be heard at a hearing with the U.S. Bankruptcy Court currently scheduled for May 21, 2021.
Additional information about the sale process and restructuring and reorganization proceedings is available through MobiTV's case website at https://cases.stretto.com/MobiTV.
FTI Consulting, Inc. is serving as the Company's financial advisor and investment banker. Pachulski Stang Ziehl & Jones LLP and Fenwick & West LLP are serving as the Company's legal advisors.
About MobiTV, Inc.
MOBITV is a creative thinking technology company making TV better. Our mission is to create a video platform that makes it easy to watch the content you love regardless of how the market changes. We power a fully IP-based approach and, in combination with the almost two decades of expertise in IP video delivery, operators can finally make the switch to a truly future-proof TV solution.
For additional information on MobiTV, please visit www.mobitv.com.
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SOURCE MobiTV, Inc.