Verizon Communications Inc. and Intel Corporation announced an agreement for Verizon to purchase from Intel the assets of Intel Media, a business division dedicated to the development of Cloud TV products and services. The transaction will accelerate the availability of next-generation video services, both integrated with Verizon FiOS fiber-optic networks and delivered OTT to any device.
Terms of the transaction were not disclosed. Verizon will purchase intellectual property rights and other assets that enable Intel's OnCue Cloud TV platform. Verizon will also make employment offers to most of the approximately 350-person Intel unit, which will continue to be based in Santa Clara and be led by its current management team.
The transaction is still subject to customary regulatory approvals and closing conditions and is expected to close early in the first quarter of 2014.