TiVo’s MobiTV purchase approved

TiVo’s purchase of MobiTV has been approved by a bankruptcy court.

A bankruptcy court judge in Delaware has approved TiVo’s bid to acquire MobiTV for US$18.5 million. TiVo is now obliged to close the acquisition by 4pm EST on June 1.

TiVo’s parent company Xperi announced that it had won an auction for Mobi TV earlier this month, following the vendor’s Chapter 11 bankruptcy. The company filed for bankruptcy protection on March 1 with US$10-50 million in assets and US$50-100 million in liabilities.

Xperi CEO Jon Kirchner said that the acquisition “immediately expands our capabilities and the addressable market for our IPTV solutions.”

While TiVo won with a bid of US$18.5 million, other bidders in the auction included Amino Technologies, a joint venture of Roku and RPX, TV2 Consulting and an investment firm called Streaming TV Acquisition.