DOW JONES NEWSWIRES
TiVo Inc. (TIVO) Chief Technology Officer James Barton has resigned from the video-recording company he helped found, the company disclosed Friday.
The executive's departure comes in the wake of two far-reaching settlements the company made over the use of its recording technology, which boosted its bottom line.
TiVo reported the most profitable quarter in its history last year after Dish Network Corp. (DISH) and EchoStar Corp. (SATS) agreed to pay the company $500 million to settle a seven-year patent dispute over TiVo's digital video recorder technology. The company in January reached a separate deal with AT&T Inc. (T) that gives TiVo at least $215 million for its technology through June 2018.
TiVo's bottom line has still struggled over the past two years due to rising costs and lackluster subscriber numbers. The company responded by signing more deals with satellite and cable providers to boost its viewer base, which broke a four-year streak of declines in the fiscal third quarter.
Barton agreed to continue working for TiVo in a consulting capacity to advise the company on patent matters, litigation and other technical matters, according to a Friday filing with the Securities and Exchange Commission. The company will pay him $25,000 a month through mid-March 2015.
Shares were recently off 6 cents at $11.55 Friday. The stock has climbed 37% over the past year.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com