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Analyst: TiVo's licensing revenue prospects bright

Wed, 04/07/2010 - 8:20am
The Associated Press

PHILADELPHIA (AP) – Shares of digital video recorder maker TiVo Inc. rose Tuesday after an analyst raised his fair value on the stock based on anticipated future licensing revenue streams from Dish Network Corp. and other subscription TV operators.

Janney Montgomery Scott analyst Tony Wible said TiVo is expected to prevail over Dish's last-ditch effort to win in the contempt phase of a patent infringement lawsuit by asking for a review by the full bench of the federal appeals court. TiVo sued Dish, alleging the company infringed upon TiVo's DVR patents that let viewers pause, rewind and replay live TV.

TiVo stands to receive $400 million from Dish and licensing fees for the satellite TV operator's DVRs. Wible said TiVo's expected victory strengthens its position with other subscription TV operators, which might work out similar licensing deals. TiVo is suing Verizon Communications Inc. and AT&T Inc. for patent infringement, as well.

Wible believes TiVo shares are worth $26, up from his prior calculation of $22.

TiVo stock rose 34 cents, or 2 percent, to $17.20 in midday trading.

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