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Rovi to Buy Sonic for $775 Million to Stream Content

Rovi Corp., the provider of interactive TV guides for cable and satellite services, agreed to buy Sonic Solutions Inc. for about $775 million to expand in digital entertainment services.

Sonic investors may sell their shares to Rovi for $14 each or receive 0.2489 Rovi share for each of Sonic that they hold, according to a statement on Rovi’s website yesterday. Sonic directors and senior management owning about 11.2 percent of the company’s equity have accepted the offer.