Xperi Holding Corp. has completed its spinoff.
The parent of brands like HD Radio, DTS and TiVo is now called Xperi Inc. and trades on the New York Stock Exchange under the symbol XPER.
“After years of strategically building a powerful portfolio of entertainment technology brands with global scale that today extends to 30 million streaming households, 90 million cars and billions of consumer devices, Xperi is utilizing its status as an independent entity to work on building an independent media platform (TiVo OS) to address gaps left by Big Tech, Roku and others,” it said in its announcement.
“This new independent media platform will provide Smart TV OEMs with the opportunity to compete with competitors and participate in the long-term economics of the growing CTV ad market by providing them with a platform that supports monetization efforts.”
CEO Jon Kirchner said the newly independent company has “a strong balance sheet, an executive team with substantial tenure and an exciting path to significant growth and profitability.”
This completes the holding company’s plan to split its product and licensing businesses into two publicly traded entities. Each stockholder of the predecessor company, now known as Adeia, got four shares of Xperi common stock for every 10 shares of Adeia. The latter company is focused on licensing of intellectual property.