Wall Street Replay

Digital recorder maker files for stock offering

Digital video recorder maker ReplayTV has filed plans for a public stock offering that it hopes will raise as much as $150 million.

The estimated price and number of shares that Mountain View, Calif.-based Replay plans to sell will be disclosed in a supplemental Securities and Exchange Commission filing.

Replay, a close rival to TiVo, offers a similar service that enables users to record TV programming without the use of a traditional videotape, as well as pause, rewind and fast forward live programming, among other features. Consumers can also automatically record shows based on an actor, director or theme.

TiVo has said it’s sold 26,000 of its set-top boxes to date. In its SEC filing Wednesday, Replay said it had sold 6,000 players as of Dec. 31.

The company, however, has only been marketing its devices online, and plans to hit store shelves for the first time in April with its Panasonic-built set-top boxes that record up to 30 hours of TV programming.

Funds for ads, boxes

The stock sale is intended to help ReplayTV, backed by capital from Kleiner Perkins Caufield & Byers, raise the funds to advertise its service when it hits store shelves, and build the set-top boxes to carry the service.

The company is facing stiff competition not only from TiVo but from similar services, such as Microsoft’s WebTV and soon-to-bow AOL TV.

Replay said it has not generated any operating revenues since beginning to sell its devices through e-tailers and its own Web site last year and has amassed a deficit of $24 million as of Sept. 30. It plans to collect revs from advertising and other services. TiVo collects a $10 monthly subscription fee.

Like TiVo, Replay does not intend to operate as a hardware company but to license its software out to other manufacturers, including television set and electronics builders.

An underwriting group led by Morgan Stanley Dean Witter will market the shares to the public.

TiVo began trading on Wall Street in September at $16 per share.

Shares of TiVo fell 15%, or $6.81, on Wednesday to close at $38.50, after posting a $35 million loss in the fourth quarter.

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