from tvwweek.com
By Jay Sherman
Shares in TiVo fell more than 6 percent Thursday after DirecTV CEO Chase Carey reportedly said the satellite company would stop promoting TiVo digital video recorders in favor of a rival's technology.
TiVo's stock price fell 37 cents, or 6.18 percent, to $5.62 a share Tuesday after Reuters reported that Mr. Carey said the company was ending its promotion of the TiVo DVR to make room for a similar but more robust product from NDS Group, a company that counts Rupert Murdoch's News Corp. as a major shareholder. News Corp. also owns a controlling 34 percent stake in DirecTV.
Mr. Carey made the statement at a Reuters-sponsored event, the news service said.
DirecTV intends to begin shipping the NDS DVRs by October.
TiVo's relationship with DirecTV has long been a source of concern for investors, since for months the satellite company has made clear it would be using NDS' DVR product and relying less on TiVos.
However, in recent months that worry has faded, thanks to TiVo's inking a deal with cable giant Comcast to offer TiVo-branded DVRs to Comcast subscribers.
By Jay Sherman
Shares in TiVo fell more than 6 percent Thursday after DirecTV CEO Chase Carey reportedly said the satellite company would stop promoting TiVo digital video recorders in favor of a rival's technology.
TiVo's stock price fell 37 cents, or 6.18 percent, to $5.62 a share Tuesday after Reuters reported that Mr. Carey said the company was ending its promotion of the TiVo DVR to make room for a similar but more robust product from NDS Group, a company that counts Rupert Murdoch's News Corp. as a major shareholder. News Corp. also owns a controlling 34 percent stake in DirecTV.
Mr. Carey made the statement at a Reuters-sponsored event, the news service said.
DirecTV intends to begin shipping the NDS DVRs by October.
TiVo's relationship with DirecTV has long been a source of concern for investors, since for months the satellite company has made clear it would be using NDS' DVR product and relying less on TiVos.
However, in recent months that worry has faded, thanks to TiVo's inking a deal with cable giant Comcast to offer TiVo-branded DVRs to Comcast subscribers.
