February 25, 2022
TiVo corporate parent Xperi is looking to spin-off its lucrative IP patent business as the tech company reorganizes following a disappointing fiscal quarter. The company posted a fourth-quarter (ended Dec. 31, 2021) loss of nearly $15 million, compared with a profit of almost $180 million in the previous-year period.
Xperi IP is licensed to third-party media distributors, including Comcast, as they evolve their digital streaming platforms. The company said it generated $350 million in IP licenses in 2021, a tally that is projected to grow to $375 million in 2022.
“Our intent is to separate the IP and product businesses this fall,” CEO Jon Kirchner said on the fiscal call. Kirchner said the new unit’s name would be Adeia, which means “to license” in Greek.
Meanwhile, Xperi said it grew its TiVo-themed IPTV subscribers more than 500% in 2021, which included the integration of MobiTV, now referred to as TiVo’s Managed IPTV service. The company also continued to integrate content onto the TiVo platform, adding Discovery+, PBS and CineLife to TiVo Stream 4K and TiVo+. TiVo Stream 4K now covers all major third-party streaming services.
“Our fourth quarter performance was solid, and we finished the year with revenue around the mid-point of our guidance and earnings above expectations,” Kirchner said. “I’m proud of how our team has navigated the shifting pandemic challenges to position the company for success.”