SANTA CLARA, Calif., June 9, 2010 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) today announced that it has received $124 million in cash from the U.S. Internal Revenue Service for carryback claims, utilizing part of the previously announced $2.4 billion tax loss that resulted from the sale of TV Guide Magazine. Additionally, the Company received $36 million in cash from the release of escrow funds related to the sale of TV Guide Network. These increased cash balances will be partially offset by repurchases of the Company's outstanding 2.625% convertible senior notes due 2011 and the Company's common stock, with such repurchases expected to total up to approximately $75 million in the second quarter of 2010.
About Rovi Corporation
Rovi Corporation is focused on revolutionizing the digital entertainment landscape by delivering solutions that enable consumers to intuitively connect to new entertainment from many sources and locations. The company also provides extensive entertainment discovery solutions for television, movies, music and photos to its customers in the consumer electronics, cable and satellite, entertainment and online distribution markets. These solutions, complemented by industry leading entertainment data, create the connections between people and technology, and enable them to discover and manage entertainment in an enjoyable form.
Rovi holds over 4,400 issued or pending patents and patent applications worldwide and is headquartered in Santa Clara, California, with numerous offices across the United States and around the world including Japan, Hong Kong, Luxembourg, and the United Kingdom. More information about Rovi can be found at http://www.rovicorp.com/.
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Forward Looking Statements
Statements herein pertaining to expected repurchases of the Company's outstanding 2.625% convertible senior notes due 2011 and the Company's common stock are "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements, including for example risks of market or business conditions changing and causing the Company not to effect the expected repurchases of its securities. Such factors are further addressed in the Company's most recent annual report on Form 10-K for the period ended December 31, 2009 and such other documents as are filed with the Securities and Exchange Commission from time to time (available at http://www.sec.gov/). The Company assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.