|TiVo, Insignia Developing Connected Television for Superior, Seamless Consumer Experience|
ALVISO, CA and RICHFIELD, MN, May 25, 2010 (MARKETWIRE via COMTEX) --TiVo Inc. (NASDAQ: TIVO) and Best Buy Co., Inc. (NYSE: BBY) today announced that development is underway to integrate TiVo's software and advanced television services into broadband-connected Insignia televisions. TiVo is a leader in advanced television services, including digital video recorders (DVRs), for consumers, content distributors, and consumer electronics manufacturers. Insignia is a Best Buy exclusive brand and leader in quality, customer-driven electronics innovations.
The new Insignia televisions will provide Best Buy customers with an exceptional, intuitive user experience for accessing online content by utilizing the latest TiVo non-DVR software and advanced television service. TiVo's easy-to-use platform will give the viewer a one-stop-shop for delivering and searching content right on the television.
"Consumers tell us they want the best of Internet-based content delivered right to their televisions without the hassle of having to fumble with multiple devices, wires, and remotes," said Fernando Silva, vice president of Best Buy Exclusive Brands. "The beauty of TiVo software is that it creates a single interactive interface right on the television and integrates the myriad of online content and services. Insignia is thrilled to work with TiVo to bring this superior experience to our customers through our TiVo-powered Insignia television."
Jim Denney, GM and Vice President of Product Marketing at TiVo Inc., said, "TiVo has evolved into so much more than a DVR. We are able to customize and deliver solutions that best meet the needs of our partners like Insignia with the ability to integrate TiVo's software and advanced television services onto either set-top boxes or consumer electronics devices in a non-DVR capacity to deliver one of the best in-home entertainment experiences for consumers. We are extremely proud to be teamed with Insignia to bring the TiVo experience to this leading consumer electronics brand and we look forward to continuing to work with Best Buy on possible future endeavors."
About Insignia Insignia is a Best Buy exclusive brand designed to provide customers with high quality and dependable technology products at an affordable price. Insignia's inspiration for innovation in quality, design and performance is largely driven by customer input and employee insight. The Insignia line features a wide range of products including televisions, Blu-ray players, digital imaging products, home theater solutions, audio products and more. Insignia products are available exclusively at Best Buy and Future Shop retail locations, and online at www.bestbuy.com or www.InsigniaProducts.com.
About Best Buy Co., Inc. With operations in the United States, Canada, Europe, China, Mexico and Turkey, Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $49 billion in annual revenue and includes brands such as Best Buy; Best Buy Mobile; Audiovisions; The Carphone Warehouse; Future Shop; Geek Squad, Jiangsu Five Star; Magnolia Audio Video; Napster; Pacific Sales; The Phone House; and Speakeasy. Approximately 180,000 employees apply their talents to help bring the benefits of these brands to life for customers through retail locations, multiple call centers and Web sites, in-home solutions, product delivery and activities in our communities. Community partnership is central to the way we do business at Best Buy. In fiscal 2010, we donated a combined $25.2 million to improve the vitality of the communities where our employees and customers live and work. For more information about Best Buy, visit www.bby.com.
About TiVo Inc. (www.tivo.com) Founded in 1997, TiVo Inc. (NASDAQ: TIVO) developed the first commercially available digital video recorder (DVR). TiVo offers the TiVo service and TiVo DVRs directly to consumers online at www.tivo.com and through third-party retailers. TiVo also distributes its technology and services through solutions tailored for cable, satellite, and broadcasting companies. Since its founding, TiVo has evolved into the ultimate single solution media center by combining its patented DVR technologies and universal cable box capabilities with the ability to aggregate, search, and deliver millions of pieces of broadband, cable, and broadcast content directly to the television. An economical, one-stop-shop for in-home entertainment, TiVo's intuitive functionality and ease of use puts viewers in control by enabling them to effortlessly navigate the best digital entertainment content available through one box, with one remote, and one user interface, delivering the most dynamic user experience on the market today. TiVo also continues to weave itself into the fabric of the media industry by providing interactive advertising solutions and audience research and measurement ratings services to the television industry.
TiVo and the TiVo Logo are trademarks or registered trademarks of TiVo Inc. or its subsidiaries worldwide. Copyright 2010 TiVo Inc. All rights reserved. All other trademarks are the property of their respective owners.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the timing of the future availability of the integrated TiVo and Insignia branded TV and the future features and capabilities of such products. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as the other potential factors described under "Risk Factors" in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2010 and Current Reports on Form 8-K. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. TiVo disclaims any obligation to update these forward-looking statements.