Five years have passed since TiVo and Xperi started the merger process after the latter paid $1.2 billion to adopt the fabled TiVo brand. This deal was supposed to create an empire at the intersection of M&E products and IP licensing, with grand plans to mirror TiVo’s DVR success in mobile, smart TV, and automotive sectors. The reality has been far from a fairytale. Since then, Xperi split in two, liberating the product side from the Adeia licensing business in 2022. That same year, Xperi acquired cloud rendering specialist Vewd Software in a surprise $109 million deal, only for Vewd’s capabilities to go AWOL. The situation at Xperi then soured in 2024, as activist investor Rubric Capital attempted to shake-up…