Acquired for $380m in cash. The Sling Media success story is worth a read:
Imagine you’re a startup trying to sell your snazzy middleware to big CE players like Sony, Philips, JVC, Akai, etc, or to set-top-box vendors like Motorola or Scientific Atlanta. Either your customer is going to grind you down to sub $1/unit royalty or they themselves will be dependent upon telcos, cable companies and satellite broadcasters for final approval and deployment of the box the new software is embedded. A startup could (and many did) easily die on the vine waiting years for dollar one of revenue or come to find their revenue stream way less compelling than they had hoped, no matter how compelling the software they managed to create was.
But Sling managed to rise above all the noise and exit handsomely.