I didn’t get around to covering this last week, since I’m really a geek and don’t follow the financial world closely, but it is worth mentioning I think. TiVo is using part of the $500 million they got from EchoStar & Dish to do a stock buy back. I don’t really have anything to add, so here’s the press release:
TiVo Authorizes Stock Repurchase Plan of Up to $100 Million
ALVISO, CA — (Marketwire) — 08/12/2011 — TiVo Inc. (NASDAQ: TIVO) today announced that its Board of Directors has authorized the repurchase of up to $100 million of its outstanding common shares over a period of two years. The share repurchase program will be funded through the Company’s existing cash.
“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 as well as our NOL position,” said Tom Rogers, TiVo’s President and Chief Executive Officer. “We are confident in our future growth prospects and believe we have the right elements in place and resources available to drive long term value for our shareholders.”
This program shall be effective on August 29, 2011. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be implemented, suspended or discontinued at any time.
