Intel Media Division Purchased by Verizon
Verizon Communications has announced that it has purchased a business division at Intel, known as Intel Media, for an undisclosed amount. Previously the Intel division worked on development of Cloud TV products and services for Intel, but will now assist Verizon in developing the availability of next generation video services. The purchase will ensure that Verizon receives all intellectual property rights, as well as other undisclosed assets, that enable the Intel OnCue Cloud TV platform. Verizon will make use of the technology previously held at Intel to further develop their FiOS offering, integrating IP-based services with FiOS video. Customers of the Verizon FiOS service can also expect improved search and discovery, interactivity, and cross-screen ease of use once the Santa Clara-based Intel unit becomes a part of Verizon Communications.
Although the terms of the agreement have not been publically released, the transaction is subject to customary regulatory approvals and closing conditions. Verizon is expected to officially own the Intel Media business division within the first quarter of 2014.
Source: Press Release