TiVo approves shares buyback

TiVo approves shares buyback

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NEW YORK (Global Markets) - TiVo Inc (TIVO.O), the digital recorder maker, said it would buy back $100 million of its a stock, which boosted shares by 5 percent on Friday.

The company plans to repurchase shares over the next two years with its existing cash.

In May, TiVo settled a long and costly patent infringement lawsuit involving its video recording technology with Dish Network (DISH.O) and EchoStar Corp (SATS.O).

As part of the settlement, Dish and EchoStar paid Tivo $300 million, and will pay $200 million over six equal annual installments between 2012 and 2017.

Shares were up 40 cents, or 5 percent, at $8.05 in premarket trading on Friday.

(Reporting by Liana Baker; Editing by Derek Caney)