TiVO announces equity investments from CBS, Comcast Interactive Capital, Cox Communications, Discovery Communications, The Walt Disney Company, Liberty Digital, Advance/Newhouse and TV Guide Interactive
Television Industry Embraces TiVo
SUNNYVALE, CA - July 27, 1999 - TiVo, Inc., the creator of personal television, today announced that it has received equity investments from several leading media companies, including CBS, Comcast Corporation, Cox Communications, Discovery Communications Inc., The Walt Disney Company, Liberty Media subsidiaries Liberty Digital and Encore Media Group, Advance/Newhouse and TV Guide Interactive.
"This round of investment marks a major step forward in the adoption and validation of TiVo's service," said Mike Ramsay, president and CEO, TiVo, Inc. "These investors include cable companies, network broadcasters and top-tier television content providers in programming and publishing."
"We are delighted to have these companies join TiVo's previous investors from the televison and consumer electronics industry, which include NBC, Philips Electronics, DIRECTV and Showtime Networks," said David Courtney, TiVo's CFO. "We are working with these partners to establish personal television as a major category of home entertainment."
TiVo Secures Equity Investments from Top Broadcast and Cable Networks
Through this investment, TiVo has established a relationship with the leading broadcasting companies in the industry including CBS, NBC and The Walt Disney Company. In addition, investments from Liberty Media companies represent such networks as Encore Media, STARZ!, and Encore Thematic Multiplex. Investing separately from its shareholders Liberty Media, Cox Communications and Advance/Newhouse is Discovery Communications, a diversified media company that operates 23 separate television networks with a total of 370 million subscriber households worldwide. John Hendricks, Chairman and CEO of Discovery Communications, joins TiVo's board of directors.
"There are currently thousands of programs on television each day and the volume of programs continues to grow. Through TiVo's exclusive Network Showcases, network partners are able to promote new programming, movies and new season line-ups," said Stacy Jolna, TiVo's Vice President of Programming and Network Relations. "These relationships show the industry's support of TiVo's mission to enhance the television viewing experience for the consumer and make it simple for each and every viewer to watch the very best that television has to offer, at their convenience."
Investment from Leading Cable Providers and Diverse Media Industries
Comcast Interactive Capital and Cox Communications represent two of the largest cable providers nationwide with Comcast's 4.5 million U.S. customers and Cox's 3.8 million U.S. customers. Comcast and Cox are the first in the cable industry to make an investment in personal television and a commitment to TiVo. TiVo also received an investment from publishing company Advance/Newhouse, and a leading digital cable programming guide, TV Guide Interactive (SM).
TiVo, headquartered in Sunnyvale, Calif., is the creator of personal television. The TiVo service allows consumers to take control of their television viewing by allowing them to watch what they want, when they want. TiVo enables consumers to pause, rewind, instant replay and playback in slow motion any live television broadcast. As part of TiVo's easy-to-use service and unique technology, viewers can time-shift their favorite television shows and create a customized television lineup for viewing at anytime. The company was founded in August 1997 by two former Silicon Graphics senior executives, Michael Ramsay and James Barton, both of whom were instrumental in early generation interactive video-on-demand systems and Hollywood special-effects technology. TiVo can be reached on the World Wide Web at www.tivo.com.
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This release contains forward-looking statements about TiVo's business, partners and other factors that may effect market acceptance, future revenues and financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements.
TiVo is a trademark of TiVo Inc. -- Product slides/digital images are available upon request