Digital entertainment company Rovi is acquiring DVR-maker TiVo for roughly $1.1 billion in a cash and stock deal. A new company combining TiVo and Rovi will be led by Rovi CEO Tom Carson, and be known as TiVo. The transaction, subject to customary closing conditions, have been approved by the boards of both the companies.

Evercore is serving as financial advisor to Rovi and Cooley is serving as legal counsel. LionTree Advisors is serving as financial advisor to TiVo and Skadden, Arps, Slate, Meagher & Flom is serving as legal counsel.

[Image courtesy: TiVo]