Amazon is reportedly planning to take on TiVo with a device for recording live TV

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Jeff Bezos.

• Amazon is working on a device that records live TV, Bloomberg reports.
• It's a move that would directly challenge TiVo, the company at the forefront of the DVR industry. Amazon's DVR would reportedly allow users to stream recorded TV to their smartphones, and would also have physical storage for playback from the device.

In a move that would directly challenge TiVo's hold on the DVR industry, Amazon is reportedly working on a device capable of recording live TV, Bloomberg reports.

The device, nicknamed "Frank" internally, is designed to work with existing Amazon Fire TV devices, and would include both physical storage and streaming capabilities for playback on smartphones, according to the report. The news comes from a person "familiar with the plans," Bloomberg said, and the DVR project has not been confirmed by Amazon, and could still change significantly.

DVR as a technology is certainly nothing new, but it's a sign that Amazon is continuing its efforts to spread throughout the modern household and grow its video streaming efforts.

Bloomberg reports TiVo's share fell 10 percent on Friday following the news of the rumored Amazon DVR.

The news comes from a person "familiar with the plans," Bloomberg said, and the DVR project has not been confirmed by Amazon.

Read the full Bloomberg report here.