Business Notes

San Jose, Calif.— TiVo, the creator of TV services for digital video recorders, has announced a $27.3 million underwritten public offering of 2.9 million shares of common stock. Price per share to the public is $9.50. All shares are being offered by TiVo. The company said it intends to use the net proceeds from the offering primarily to create additional cash reserves and supplement its working capital. TiVo does not currently intend to use the proceeds to increase expenses or capital expenditures.

Parsippany, N.J. — Emerson Radio is teaming with kids TV network Nickelodeon to manufacture and market a line of portable audio and television products based on several of Nickelodeon's most successful properties. The multiyear licensing deal will kick off this fall with SpongeBob SquarePants products. The initial product assortment, scheduled to hit retail by September/October, includes CD boomboxes, a personal CD player and a 13-inch color TV. Emerson's CE line will expand in 2004 to include a full range of Nickelodeon properties.

New York — Satellite radio broadcaster Sirius has closed its offering of 3 1/2 percent convertible notes, due in 2008. Net proceeds of about $168.9 million, before expenses, are expected to eliminate the company's funding gap, estimated at about $100 million, bringing it to cash-flow breakeven, expected in 2005, when it has about 2 million subscribers. Net proceeds will be used for corporate purposes. Sirius expects to reach more than 300,000 subscribers by year-end. The company also has closed an offering of common stock. In addition to the initial 75 million shares, priced at $1.80, underwriters exercised an option to purchase an additional 11.3 million shares, also at $1.80. Sirius intends to use the net proceeds of about $146 million for marketing its satellite radio service and accelerating the distribution of its radios in the retail aftermarket and through auto makers.

Washington— XM Satellite Radio Holdings said its subsidiary, XM Satellite Radio, has completed a $175 million offering of 12 percent senior secured notes, due 2010, guaranteed by the parent company. XM also granted the initial purchaser an option to purchase an additional $25 million of notes to cover over-allotments.

Amsterdam, The Netherlands — Royal Philips Electronics is redeeming floating rate notes to further reduce the company's total debt position. Philips is exercising this option July 30 on notes with a nominal value of $1.14 billion. The floating rate notes were originally scheduled to mature in July 2004. Philips placed the notes in July 2001. In accordance with their conditions, the notes are redeemable in whole at the option of Philips at the price of 100.35 percent. By doing this, Philips said, "it is a reflection of the company's strong balance sheet, which has been and will remain a priority."