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May 9 (Reuters) - TiVo Corp said on Thursday its board approved a plan to split its product division from its intellectual property licensing unit, as the set-top box maker looks to attract buyers for its businesses.
The company has been exploring options for its business for over a year, considering everything from an outright sale to going private.
"Throughout the separation process, the Board of Directors will continue to be open to strategic transactions for each business ... and is actively engaged in discussions with parties interested in each of the businesses, the company said in a statement.
TiVo's product division includes digital video recorders, streaming devices and software services.
The company said it expects to complete the spinoff on a tax-free basis in the first half of 2020.
The IP licensing business raked in $295 million in revenue in 2018, while its product unit had $401 million in sales. (Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva)