Shares Of Rovi Surge Following Renewal Of Agreement With AT&T

Shares of Rovi Corporation (NASDAQ: ROVI), a digital entertainment technology company, surged higher by more than 30 percent Wednesday morning after the company announced a seven-year renewal and expansion of license agreement with AT&T Inc. (NYSE: T).

As part of the agreement, Rovi will continue providing AT&T worldwide access to its entertainment discovery patent portfolio.

Rovi holds more than 5,000 issued or pending patents worldwide and include interactive program guides, search and recommendations that enable personalized entertainment.

"For years, Rovi's intellectual property has enabled some of the world's top pay-TV providers to deliver advanced entertainment discovery experiences to viewers across the globe," said Tom Carson, president and CEO, Rovi in the company's press release. "Our long-term patent license renewal with AT&T is another testament to Rovi's market leading innovation in advancing consumers' ability to discover, engage and enjoy entertainment content on multiple screens."

Shares of Rovi traded recently at $15.01, up 32.2 percent.