TiVo, best known for its line of DVRs, is said to be close to reaching a deal that would see it acquired by Rovi according to sources familiar with the matter as reported by The New York Times.

Terms of the deal are still being hammered out although sources say it would involve a combination of cash and stock. Once complete, shareholders would collectively own roughly 30 percent of the combined company. TiVo currently has a market value of $750 million, the Times notes.

TiVo has been targeted by a number of high-profile suitors over the years including Apple, Google and Microsoft. Rovi, however, is most certainly a lesser-known name. The company got its start way back in 1983 as Macrovision but changed its name to Rovi in mid-2009. The modern-day company is best known for its interactive media guide used by about 18 million TV subscribers around the world.

Rovi is likely interested in merging with TiVo to gain access to its substantial collection of patents. Combined, the two companies would have more than 6,000 issued or pending patents. TiVo's patent portfolio has served it well thus far. According to the Times, TiVo has received cash and future revenue of roughly $1.6 billion from patent litigation to date and is currently suing Samsung for allegedly infringing on its DVR patents.

It's worth reiterating that the deal is still in the negotiation stages and could fall through.