Digital entertainment technology company Rovi Corp (ROVI) Monday announced the sale of its DivX and MainConcept businesses to Parallax Capital Partners and StepStone Group. As per ther terms, Rovi will receive up to $75 million in a combination of cash and additional payments based on the achievement of certain agreed upon milestones.
Rovi earlier said it will sell the DivX and MainConcept businesses as part of strategic efforts to focus on growth opportunities related to its core entertainment discovery technologies and services.
"The sale of DivX was the last of a number of significant steps we've taken over the past year to realign the organization for sustainable, long-term growth...," said Rovi CEO Thomas Carson.
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