​Digital TV listing company Rovi is buying TiVo in a cash-and-stock deal valued at about $1.1 billion. And the deal has impact on the triangle since TiVo bought Durham-based Digitalsmiths in 2014 for some $135 million.

TiVo maintains an office at the American Underground in Durham.

Steve Wymer, a spokesman for TiVo, told The Triangle Business Journal that the sale won’t impact the Digitalsmiths team in Durham “other than potential greater opportunity for that team to integrate their smarts into more products and services in the long run.”

Tom Rogers, the CEO of TiVo who led the Digitalsmiths acquisition, announced late last year that he would leave the company in January.

Ben Weinberger, the co-founder of Digitalsmiths, left TiVo in June of last year to join Sling TV.

Rovi Corp. said Friday that it will pay $10.70 in cash and stock for each TiVo Inc. share.Rovi will pay $2.75 per share in cash, or about $277 million. The rest, $7.95 per share, will be paid in stock.

Once the deal closes, the combined business will use the TiVo name. TiVo is a digital video recording company.

What the executives are saying:

“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. “It’s an exciting time as the media and entertainment landscape undergoes a significant evolution. The combined capabilities of TiVo and Rovi place us in a tremendous position to extend services across platforms and to a customer base that includes traditional, over-the-top and emerging players across the globe. By working together, Rovi and TiVo will revolutionize how consumers experience media and entertainment and at the same time build value for our stockholders.”

“We’re proud of TiVo’s strong innovation history and of the ongoing efforts of our team to provide best-in-class products for our loyal consumer and service provider customers,” said Naveen Chopra, Interim CEO and CFO of TiVo. “This transaction is the culmination of those efforts and the logical next step for TiVo. In joining forces with Rovi, our customers, employees and stockholders will benefit from being part of a more diversified industry leader with significantly greater market opportunities. Our combination creates a more influential global player with a commitment to product innovation, which will be incredibly well positioned to redefine television.”

Rovi CEO Tom Carson will serve as CEO of the new company. The executive said in a written statement on Friday that the buyout will help to extend services across platforms and expand its customer base. The transaction will add more than 10 million TiVo-served households to Rovi’s current customer base of about 18 million households using its guides globally.

The companies anticipate at least $100 million in annual cost savings. The transaction is expected to add to Rovi’s adjusted earnings per share within the first year after closing.

Both companies’ boards have approved the deal, which is targeted to close in the third quarter. It still needs approval from both companies’ shareholders.

Shares of TiVo, based in San Jose, California, added 17 cents to $9.59 in premarket trading. Shares of Rovi, based in Santa Clara, California, surged $1.15, or 6.6 percent, to $18.50.