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Personalized entertainment guide company Rovi announced a $1.1 billion deal on Friday to buy the digital video recorder company TiVo.

A Tivo Bolt is displayed during the 2016 CES trade show in Las Vegas, Nevada January 7, 2016. The $299.00 unified entertainment system combines a cable box, a DVR and a streaming box into one device. REUTERS/Steve Marcus

"Rovi's acquisition of TiVo, with its innovative products, talented team, and substantial intellectual property portfolio, strengthens Rovi's position as a global leader in media discovery, metadata, analytics, and IP licensing," said Tom Carson, CEO of Rovi, in a press release.

"This transaction is the logical next step for TiVo," said Naveen Chopra, Interim CEO and CFO of TiVo. "Our combination creates a more influential global player with a commitment to product innovation, which will be incredibly well positioned to redefine television."

Rovi's subscriber base currently stands at 18 million households worldwide, and TiVo serves around 10 million. The combined company forecasts revenue of more than $800 million for 2016.

According to the press release, Rovi will pay $10.70 per share in cash and stock and adopt the TiVo name.