One day after DirecTV’s vice chairman Eddy Hartenstein announced his resignation from TiVo’s board of directors, Hartenstein’s direct broadcast satellite company said it has sold its stake in the digital video recorder (DVR) company.
DirecTV sold all of its 3.5 million TiVo shares. TiVo share prices dropped 14.5 percent by the end of the day to $6.41.
Meanwhile, TiVo told the New York Times and Wall Street Journal on the eve of a media event that it is planning to expand its video recording service with content delivered via high-speed Internet connections. The new proposal would, in effect, make TiVo a competitor to DirecTV and other satellite and cable services.
Read more at TWICE