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Summary: Rovi Corp. Feb 12
Standard & Poors, February 2012
The rating on Santa Clara, Calif.-based Rovi Corp. reflects Standard & Poor's Ratings Services' expectation that the company's good operating performance will continue as new product rollouts offset a decline in legacy analog products. Rovi Entertainment Store, formerly RoxioNow, has the potential to open up another significant revenue stream for the company, but it will indirectly compete against several sizable firms, including Netflix Inc., Amazon.com, and Apple Inc.'s iTunes. We consider Rovi's business risk profile as "fair" (as predefined in our criteria), based primarily on its good EBITDA margin and high barriers to entry, partly offset by its narrow business platform and significant technology risk. We assess its financial risk profile as "significant," based on its somewhat high pro forma...
Companies mentioned in this report are: Rovi Corp.
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