Rovi To Sell DivX And MainConcept Businesses - Quick Facts

(RTTNews) - Digital entertainment technology solutions provider Rovi Corp. (ROVI) has agreed to sell its DivX and MainConcept businesses to Parallax Capital Partners and StepStone Group. Earlier, Rovi had announced its plans of selling the DivX and MainConcept businesses by the end of the second quarter of 2014, as part of Rovi's strategic efforts to focus the company on growth opportunities on its core entertainment discovery technologies and services.

Pursuant to the agreement, Rovi would receive up to $75 million in a combination of cash and additional payments based on the achievement of certain agreed upon milestones. The transaction may close by April 1, 2014.

Wells Fargo Securities, LLC acted as financial advisor to Rovi with respect to the transaction.