Shares of TiVo, the company whose digital recording devices helped change how people watch live TV, are jumping ahead on Tuesday evening after it announced it had hired an adviser to explore a range of strategic alternatives, including possibly going private.

The company said in a statement on Tuesday evening:

“TiVo’s stock price is at a level that the Company and its Board do not believe reflects the true value of the business given the Company has a strong foundation, with leading technologies, and solid cash flow from its long-term IP license agreements and guide deployments. As such, TiVo has begun a process of evaluating a wide range of strategic alternatives to realise long-term shareholder value. These options range from transformative acquisitions that would accelerate our growth, to combining our business with other leading players, to becoming a private company. The Company engaged LionTree Advisors to assist the Board and management in their evaluation of alternatives.”

The news sent TiVo shares up 12 per cent in after-hours trading.

The California-based company helped usher in a sea change in how people watch TV, with devices that allowed users to capture live programming to watch at their leisure and cruise past advertisements.

But amid increased competition from similar devices and services, as well as the rise of streaming sites like Hulu and Netflix, Tivo’s revolutionary features are now seen as standard, forcing the company to scramble to keep up.

TiVo shares, which fell 25 per cent in 2017, are down another 13 per cent so far this year.

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