Financial analysts punished TiVo after the company finally went about deciding on its business separation saga almost one-year in the making. Investors have no doubt been left scratching their heads in bemusement as to why a sale of the products division hasn’t already been orchestrated. What has instead happened is an agreement to spin out the Product business to shareholders, while keeping the IP Licensing segment close to its chest. However, it notes the TiVo board remains open to strategic transactions for either business. During TiVo’s annual earnings call at the end of February, the company came out and confirmed it had received acquisition interest from a number of unnamed third parties, so what appears to have happened is a…