Technology licensing company Xperi and set-top box maker TiVo will merge in an all-stock deal, giving the combined entity an enterprise value of $3 billion, the companies said on Thursday.
A late pullback left only the Nasdaq Composite in record territory Wednesday, but U.S. stock futures are indicating a resumption of gains for the major averages.
U.S. stocks are poised for further upside this morning, after the Dow, S&P 500, and Nasdaq on Tuesday had their largest one-session gains since Jan. 4.
TiVo said 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 Dow Jones industrial average rose sharply on Thursday, erasing its losses for 2018, following the release of weaker-than-expected U.S. inflation data.