Investment bank estimates cost of TiVo deal for Virgin Media to be £29 million

As the majority of disappointed customers learn that they haven't won Virgin's latest TiVo lottery (hell, I didn't even get an email), an old PaidContent:UK report reveals what the TiVo deal is costing Virgin:

Investment bank Lazard Capital Markets estimates the hookup as a “$48 million deal” (£29 million) for TiVo, saying “the deal is multi-year, substantial, and has minimum guarantees”.

From a Tivo SEC filing, some language on the Virgin deal: “The monthly fees, which commence upon delivery, are guaranteed and increase over time. The agreement has a multi-year term with additional limited renewal rights granted to Virgin. The agreement creates a mutually exclusive distribution arrangement under which TiVo will develop software for DVR set top box platforms and non-DVR set top boxes that will be deployed in the future by Virgin in the United Kingdom. Virgin Media will promote the product and will have exclusive rights to use the TiVo brand and technology in the United Kingdom. As part of the agreement, Virgin Media and TiVo have entered into a mutual covenant not to assert with regards to each party’s intellectual property.”