TiVo
Attendees walk by a large TiVo advertisement during the 2011 International Consumer Electronics Show at the Las Vegas Convention Center, Jan. 7, 2011. Getty Images

Digital entertainment guide provider Rovi Corp said on Friday it is buying TiVo Inc, which makes digital-video recorders, in a deal valued at about $1.1 billion.

The combined company will adopt “TiVo” as its new name.

The $10.70 per-share cash-and-stock offer represents a premium of 13.6 percent to TiVo's Thursday closing.

“Rovi’s acquisition of TiVo, with its innovative products, talented team, and substantial intellectual property portfolio, strengthens Rovi’s position as a global leader in media discovery, metadata, analytics, and IP licensing,” said Tom Carson, CEO of Rovi, in a statement. “It’s an exciting time as the media and entertainment landscape undergoes a significant evolution."

The two businesses are similar so that a combination is compelling in terms of both revenue and cost synergies, a Bloomberg report said.

Rovi postponed a scheduled post-earnings conference call to Friday morning, without providing a reason. The company was scheduled to host the call at 5:00 p.m. ET (2100 GMT) on Thursday.

Tivo Inc. (TIVO) | FindTheCompany