TiVo and Netflix officially announced today that they are working together to develop a joint entertainment offering. Earlier this month, Newsweek reported that the companies are close to announcing a plan to allow subscribers to both services to download their Netflix DVDs directly into their TiVo boxes, instead of receiving them in the mail. While scant on details, the press release does note that “under the terms of the agreement, the two companies will develop technology and will work with Hollywood studios to secure content for digital distribution.” Update: CNET News.com now has further details.