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AOL, TiVo reprogram set-top deal

By Jim Hu
Staff Writer, CNET News.com
May 1, 2002, 8:15 AM PT

America Online and digital recording technology developer TiVo on Wednesday said that they will discontinue the joint production of an interactive television box and restructure the financial terms of their deal.

As part of the restructuring, TiVo will return $48 million of AOL's original $200 million investment in the device maker, reached in June 2000. The $48 million was part of an escrow fund set aside for subsidies once the planned AOL-TiVo set-top box hit the market. For its part, AOL, a division of media giant AOL Time Warner, will return 1.6 million shares of TiVo stock back to the company.

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