Alviso, Calif. — TiVo, the Alviso-based developer of digital video recorders and related programming services, said it plans to buy back up to $100 million of its stock over the next two years. The company said it will fund the share repurchase program through existing cash.
The move comes as the company’s stock has floundered around the $8 mark after sitting at over $12 in April and more than $10 for much of this year.
“We believe that the repurchase of our common stock represents one effective use of our capital and underscores our commitment to maximize value for our shareholders, given the significant recent market weakness and the cash on our current balance sheet,” said Tom Rogers, TiVo’s president and CEO.
This article was also published in Bay Area Tech Wire.
TiVo – http://tinyurl.com/3pvqysr