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>>> DirecTv Sold Stake in TiVo <<<

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Shark73 is offline Old Post 06-09-2004 01:14 AM
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Shark73
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Red face DirecTv Sold Stake in TiVo

From the WSJ online edition:

DirecTV Sold Stake
In TiVo, Analyst Says

By ROGER CHENG
DOW JONES NEWSWIRES
June 8, 2004 2:23 p.m.

DirecTV Group Inc. sold its entire stake in TiVo Inc., an analyst report said, prompting a selloff in shares of the digital-video recorder Tuesday.

In a research note Tuesday, William Blair & Co. analyst David Farina said DirecTV sold its entire 3.5 million stake in TiVo shares Monday night for about $7.20 a share. Spokesmen for both TiVo and DirecTV weren't immediately available to comment on the reported sale, which comes shortly after Eddy Hartenstein, vice chairman of DirecTV, stepped down from TiVo's board of directors.

As a result of Friday's resignation and the reported sale, Adams Harkness & Hill analyst Steven B. Frankel downgraded TiVo to "market perform" from "buy" on the belief the relationship between the two companies is getting clouded.

Despite the impressive DirecTV-related subscriber additions in the recent quarter, investors can't help but be concerned over where the TiVo-DirecTV relationship is headed, Mr. Frankel said in a research note. The analyst noted this is a "likely signal that DirecTV is looking to pull away from TiVo."

Mr. Farina, however, said he believes DirecTV is selling its stake to clean up its balance sheet. The company said Tuesday it sold its 55% stake in Hughes Software Systems to Flextronics International Ltd. If the sale signified a material shift in its relationship with TiVo, DirecTV would have to disclose that, she said.

TiVo shares dropped 73 cents, or 9.7%, to $6.77 in afternoon trading Tuesday on the Nasdaq Stock Market.

DirecTV is owned by Rupert Murdoch's News Corp., which also controls set-top box maker NDS Group PLC. NDS has been working to introduce its own digital-video recorder technology, possibly through DirecTV or cable operators. NDS's offering would compete directly with TiVo's own recorder.

The potential loss of DirecTV as a partner would be a critical blow to the company. "We are highly dependent on our relationship with DirecTV for subscription growth," the company said in its annual 10-K filing with the Securities and Exchange Commission.

In the first quarter, TiVo added 196,000 new users through DirecTV. In comparison, the company added 68,000 new users under its standalone TiVo-branded product.

DirecTV accounts for about 55% of TiVo's subscriber base, Mr. Frankel noted. The analyst doesn't own a stake in TiVo, but Adams Harkness & Hill is seeking an investment banking relationship.

Write to Roger Cheng at roger.cheng@dowjones.com

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aaronwt is offline Old Post 06-09-2004 01:17 AM
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How many years are left on TiVos contract with DirecTV?

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GreyGhost00 is offline Old Post 06-09-2004 01:38 AM
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Things that make you go hmmmmmmmmmmmmm

I have no clue what this means. I'm in the camp that the demise of TiVo is greatly exaggerated, but this doesn't seem to be good.

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Shark73 is offline Old Post 06-09-2004 01:41 AM
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Shark73
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It makes sense since someone posted a few days ago that a D* exec left the TiVo board. If they no longer own a share of TiVo, no reason for him to be on the board anymore.

Who knows what is going on, but I still want to have TiVo with my DirecTv!

I agree though, it does not look good.

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garberfc is offline Old Post 06-09-2004 01:47 AM
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garberfc
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This is bad news. I wonder how long before DirecTV no longer supports the SD and HD TiVo boxes. Makes me question my backordered HD TiVo box

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daperlman is offline Old Post 06-09-2004 01:50 AM
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daperlman
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quote:
Originally posted by garberfc
This is bad news. I wonder how long before DirecTV no longer supports the SD and HD TiVo boxes. Makes me question my backordered HD TiVo box
You'd think there are a few hundred thousand out there... they cannot simply stop supporting them.

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Rich Peterson is offline Old Post 06-09-2004 01:55 AM
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I don't think you should read too much into this. As mentioned in the article, DIRECTV has been selling off non-core lines of business and investments including their entire STB business. This is a financial-related transaction.

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bonscott87 is offline Old Post 06-09-2004 02:00 AM
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UTV stopped selling years ago but they are still supported by DirecTV.

To be honest I don't think this means much. News Corp has been working on many projects to get lean and mean. This is probably just one of them. If not, as much as I like Tivo, so long as DirecTV can provide me with a box that has similar functionality then that is fine by me.

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Rich Peterson is offline Old Post 06-09-2004 02:05 AM
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Rich Peterson
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Here is official DIRECTV press release from Reuters:

Reuters
DirecTV says sold its equity stake in TiVo
Tuesday June 8, 4:00 pm ET


NEW YORK, June 8 (Reuters) - Satellite television provider DirecTV (NYSETV - News) on Tuesday said it has sold its equity stake in TiVo Inc.(NasdaqNM:TIVO - News), the television recording technology company that counts DirecTV as its biggest source of new subscribers.
DirecTV spokesman Robert Mercer said the sale was in line with its policy of selling assets not central to its strategy.

"We have sold our equity stake in TiVo," said DirecTV spokesman Robert Mercer. "Our relationship with TiVo is strong, and they are an important part of our product lineup."

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Rombaldi is offline Old Post 06-09-2004 02:08 AM
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Rombaldi
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quote:
Originally posted by bonscott87
You'd think there are a few hundred thousand out there... they cannot simply stop supporting them.


and..

quote:
Originally posted by daperlman
UTV stopped selling years ago but they are still supported by DirecTV.


you better start studying your history better... that was all PRE-RUPERT. Rupert spent MILLIONS on a box swapout when he took over SKY so he could own/control things end-to-end. They didn't get a choice, you got the new box or you didn't get service.

If the next step is to start a 'forced swap' on the UTV boxes... you better start taking pictures of your TiVo's cause the writing will be on the wall and that will be all you have to remember them by.

Oh.. you know why TiVo didn't go over in the UK? Mostly because the builder just stopped making them.... THOMPSON (familar name?)

I offered opinons on the same thing when people were jublient about Rupert getting control of DTV over E*.... and say the same thing now...

Becareful what you ask for.. you may well GET IT.

Last edited by Rombaldi on 06-09-2004 at 02:32 AM

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cheerioboy26 is offline Old Post 06-09-2004 02:31 AM
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cheerioboy26
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quote:
Originally posted by aaronwt
How many years are left on TiVos contract with DirecTV?


I believe the current contract ends in Feb. 2007.

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dropper is offline Old Post 06-09-2004 02:33 AM
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dropper
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They still support UtlimateTV and will do so, as long as they can collect the $10/month. I don't see why TiVo would be any different.

This just may be a move so that they aren't competing against themselves.

Keith

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mishagray is offline Old Post 06-09-2004 02:34 AM
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They will support the Tivo DTivo boxes AS LONG as they support the current DirecTV set top boxes.

I DO think that they will eventually do a box swap out. There have been a number of good reasons. But a box swap out may take 2-3 years AFTER they announce the swap out. I think that our DirecTV Tivos that are on the market now will be supported at least to the end of the decade.

I also doubt that DirecTV will "drop" Tivo. I think that DirecTV is looking for a PVR that they don't have to charge customers $4.99 a month for. They will probably offer a "free" PVR, but keep the Tivo as a "premium" PVR. Especially if they roll out HMO on DTivo (I'm keeping my fingers crossed...).

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DLiquid is offline Old Post 06-09-2004 02:35 AM
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DLiquid
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quote:
Originally posted by bonscott87
If not, as much as I like Tivo, so long as DirecTV can provide me with a box that has similar functionality then that is fine by me.
I'm on the other side of the coin, if DirecTV dumps TiVo then I dump DirecTV. It's only fair, since TiVo is the only reason I signed up with DirecTV in the first place.

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Rombaldi is offline Old Post 06-09-2004 02:41 AM
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Rombaldi
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quote:
Originally posted by dropper
They still support UtlimateTV and will do so, as long as they can collect the $10/month.


most of that $10/month goes to Microsoft.

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maharg18 is offline Old Post 06-09-2004 02:44 AM
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maharg18
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quote:
Originally posted by DLiquid
I'm on the other side of the coin, if DirecTV dumps TiVo then I dump DirecTV. It's only fair, since TiVo is the only reason I signed up with DirecTV in the first place.


Same here.. Tivo is the only real thing that distinguishes Directv from all the others.

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jwehman is offline Old Post 06-09-2004 03:05 AM
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jwehman
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Yep - the minute they take away TiVo, it's Goodbye D*, Hello Comcast. I only want D* at the moment due to TiVo and the HR10-250.

Rgds,

JohnW

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Toeside is offline Old Post 06-09-2004 03:10 AM
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Toeside
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TiVo caused me to switch from E* to DirecTV. If TiVo is no longer an option in the future, I'll switch to whichever company that is offering HD DVR with the functions I'm used to, and competitive pricing. If that's still DirecTV, fine. If it is E*, fine. If it is Charter, fine.

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jbradway is offline Old Post 06-09-2004 03:21 AM
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jbradway
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Or Rupert may be running down Tivo's stock so that he can buy it for pennies on the dollar later.

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charlz092270 is offline Old Post 06-09-2004 04:00 AM
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charlz092270
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I'm with jbradway on that one.

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