Rovi's Stock Surges Following Renewal Of Agreement With Sony

Shares of Rovi Corporation (NASDAQ: ROVI) spiked higher by more than 6 percent Monday morning after the company announced the renewal of a patent license agreement with Sony Corp (ADR) (NYSE: SNE).

According to Rovi's press release, the company's renewed multi-year agreement will provide Sony with a license to use Rovi's entertainment discovery patent portfolio for its consumer electronics devices worldwide.

Despite Monday's gains, shares of Rovi are still lower by more than 25 percent over the past year.