TiVo Inc. (Nasdaq: TIVO) rose 9/16 to 20 9/16 Thursday after the company said America Online Inc. (NYSE: AOL) closed on its $200 million investment in the company.
In June, AOL and TiVo announced the investment, agreeing to work together on developing set-top boxes for America Online’s television service, AOLTV. TiVo will be the exclusive provider of features for the boxes.
“We believe that our relationship with AOL will enable us to drive the evolution of personal TV to the next level,” said Mike Ramsay, president and chief executive officer of TiVo.
TiVo’s service allows TV viewers to digitally record programs without videotape.