ARRIS, Charter Complete Acquisition of ActiveVideo®
SUWANEE, Ga. and STAMFORD, Conn., May 1, 2015 /PRNewswire/ -- ARRIS Group Inc. (NASDAQ: ARRS) (ARRIS) and Charter Communications, Inc. (NASDAQ: CHTR) (Charter) announced today that they have completed the acquisition of ActiveVideo® in a transaction valued at approximately $135 million. With the transaction complete, ARRIS now owns 65% of the joint venture company formed by ARRIS and Charter for the acquisition. ActiveVideo will operate independently of ARRIS and Charter, with ARRIS serving as the sales channel for ActiveVideo's CloudTV™ platform outside of sales to Charter.
ActiveVideo is the developer of CloudTV, a cloud-based software platform enabling service providers, content aggregators, and consumer electronic (CE) manufacturers to rapidly deploy new services by virtualizing consumer premises equipment (CPE) functions in the cloud. CloudTV enables the delivery of next-gen user interfaces, online content, and interactive advertising for TV to millions of set-tops and connected devices. The platform is one of the key technologies enabling Charter's new fully featured, cloud-based Spectrum Guide.
Jeff Miller will continue to lead ActiveVideo as CEO. The ActiveVideo Board of Directors is comprised of both ARRIS and Charter executives, with Board composition commensurate with the companies' ownership.
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About ARRIS ARRIS is a global innovator in IP, video and broadband technology. We have continually worked with our customers to transform the experience of entertainment and communications for millions of people around the world. The people of ARRIS are dedicated to the success of our customers, bringing a passion for invention that has fueled our history: We created digital TV, delivered the first wireless broadband gateway and are pioneering the standards and pathways for tomorrow's personalized, Ultra HD, multiscreen, and cloud services. We are dedicated to meeting today's challenges and preparing for the tasks the future holds. Collaborating with our customers, ARRIS will continue to solve the most pressing challenges of 21st century communications. Together, we are inventing the future. For more information: www.arris.com
Charter (NASDAQ: CHTR) is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter Spectrum TV® video entertainment programming, Charter Spectrum Internet® access, and Charter Spectrum Voice®. Spectrum Business™ similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter's advertising sales and production services are sold under the Charter Media® brand. More information about Charter can be found at charter.com.