TiVo (TIVO) and Virgin Media (VMED) Enter Strategic Partnership for NextGen TV Platform
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TiVo Inc. (Nasdaq: TIVO) and Virgin Media Inc. (Nasdaq: VMED) today announced they have entered into a strategic partnership under which TiVo will develop Virgin Media's next generation TV platform. Under the mutually exclusive agreement, TiVo will develop a converged television and broadband interactive interface to power Virgin Media's next generation, high definition set top boxes. The terms of the deal are not disclosed.
TiVo will become the exclusive provider of middleware and user interface software for Virgin Media's next generation set top boxes. Virgin Media will become the exclusive distributor of TiVo services and technology in the United Kingdom.
Neil Berkett, CEO of Virgin Media said, "TiVo's proven track record of innovation, strength of its patented technology and experience in developing best in class user environments, make it an ideal strategic partner for Virgin Media as we move aggressively to bring our next generation TV service to market. The superiority of our fibre optic network combined with TiVo's capabilities, will allow us to offer consumers the most significantly advanced and compelling TV service available in the UK, and we believe will do to the TV market what Virgin Media has done to the high speed broadband market."
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