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TiVo, Inc. (Nasdaq: TIVO) soared 12 15/64 to 33 51/64 Wednesday after the company, which makes devices that allow TV viewers to record shows in digital format, announced a three-year agreement with America Online (NYSE: AOL).
AOL will invest up to $200 million in TiVo, which will become an AOLTV programming partner. The two companies will work on developing AOLTV-branded set-top boxes, which are targeted for debut early next year.
TiVo's technology digitally records programs without videotape, and also allows viewers to pause, replay and skip portions -- commercials, for example -- while watching live TV.
