Almost one year after Intel first confirmed it was building an Internet TV service featuring a camera-sporting set-top box, telecommunications giant Verizon has confirmed it has purchased the assets of Intel Media, the business division responsible for developing Cloud TV products and services. Verizon says that the deal will help accelerate “the availability of next-generation video services, both integrated with Verizon FiOS fiber-optic networks and delivered ‘over the top’ to any device.”
The was a bold move into new territory for Intel, a company more synonymous with developing semiconductor chips. But alas, it ultimately decided to refocus on what it does best, and will be looking to supply the chips to the new buyer. While terms of the transaction were not disclosed, previous reports have suggested that Intel was seeking $500 million for the venture.
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Verizon says it will buy the intellectual property (IP) rights and any other underlying assets associated with Intel’s OnCue Cloud TV platform. Verizon also confirmed it will offers jobs to most of the 350-person Intel unit. The deal is still, of course, subject to regulatory approval and is expected to be finalized in the next few months.