Pendrell Corporation (Nasdaq:PCO) announced that its subsidiary, Pendrell Technologies LLC, entered into a definitive agreement to acquire 90.1% of privately-held ContentGuard Holdings, Inc., a leading inventor, developer and licensor of digital rights management (DRM) and related content distribution patents and technologies. Following the closing of the transaction, Time Warner will own 9.9% of ContentGuard and will be entitled to appoint a representative to the ContentGuard board of directors. The Company will pay $90.1 million in cash to the current ContentGuard shareholders. Closing of the transaction remains subject to a filing under Hart-Scott-Rodino and the expiration of the applicable thirty day waiting period. ContentGuard and its management team will continue to be based in El Segundo, California.

Pendrell is headquartered in Kirkland, Washington. In June, 2011, Pendrell acquired Ovidian Group, a global leader in innovative IP solutions and a trusted partner to the world's leading technology companies.

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