Terms of the deal are unknown
Verizon and Intel have reached an agreement that will see Verizon purchasing Intel Media assets and IP having to do with the Intel OnCue Cloud TV platform. Verizon says that the purchase will help it to accelerate the availability of the next generation of video services including FiOS network services and content delivered over the top to any device.
Don't Miss: The Best HDR TVs
Brian Krzanich, CEO of Intel Corporation, said: "Intel Media's over-the-top TV products are truly innovative and under Verizon's ownership have the potential to change how people interact with content. The critical factor in gaining efficient access to content is based on your ability to scale quickly in subscribers and end users, which is why selling these assets to Verizon makes perfect sense, with its millions of FiOS network and wireless customers. This sale also enables Intel to further align our focus and resources around advancing our broad computing product portfolio in segments ranging from the Internet-of-Things to data centers."
Verizon will get all IP and other assets that go with the OnCue platform. Terms of the sale have not been disclosed. Previously, the deal was rumored to be worth around $500 million. The deal is subject to customary closing conditions and is expected to close in Q1 2014.
Don't Miss: See the first leaked Black Friday 2016 Ad
Lowell McAdam, chairman and CEO of Verizon, said: "The OnCue platform and team will help Verizon bring next-generation video services to audiences who increasingly expect to view content when, where and how they want it. Verizon already has extensive video content relationships, fixed and wireless delivery networks, and customer relationships in both the home and on mobile. This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation. We will have the opportunity to enhance, expand, accelerate and integrate our delivery of video products and services to better serve audiences on a wide array of devices."