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The ties that bind

Tue, 01/30/2001 - 7:00pm
Karen Kessler-Tanaka

AOL Time Warner and TiVo are making sure subscribers don't miss a thing. Media conglomerate AOL Time Warner is promoting TiVo to AOL Time Warner customers across all its online, print and TV media.

TiVo has made a name for itself in the entertainment world with its PVR (personal video recorder) technology that records on a hard disk subscribers' favorite TV entertainment, as well as patrols channels for similar shows after learning what the household likes to watch.

AOL Chairman and CEO Barry Schuler says that TiVo and AOL have similar missions - to make their users lives easier and more convenient. "This extension of our marketing relationship will enable us to work closely with TiVo to help refine its marketing reach and educate both our audiences about their great service."

AOL Time Warner has also opened up its coffers to TiVo, making available $43.5 million TiVo will use as working capital. Because there is no such thing as a free lunch, TiVo has agreed to reduce the exercise price of certain AOL Time Warner warrants to purchase more than 2 million shares of common stock from $23.11 to $7.29.

TiVo reported its 4Q loss widened, but its revenue has surged upwards. TiVo reported a loss of $87.9 million, or $2.19 a share, compared with a loss of $34.9 million, or $1.03 a share, a year earlier. However, the company said retail sales of its PVRs exceeded 80,000 units in the quarter and it added 63,000 subscribers to its TiVo service, bringing total subscribers to 136,000.

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