TiVo to be bought for $1.1B

Digital entertainment guide provider Rovi announced today plans to purchase digital-video recorder maker TiVo in a deal valued at $1.1 billion.

TiVo would emerge as the combined company's name, according to Reuters.

Combined, the company would serve nearly 500 service providers. It would add more than 10 million TiVo-served households to Rovi's current base of about 18 million households.

Read more from Reuters.