Verizon to buy Intel's fledgling TV operations
NEW YORK (AFP) - Verizon said on Tuesday it was buying Intel Media, a unit of the chipmaking giant for delivering movies and more to televisions via the Internet cloud, for an undisclosed price.
The US telecom giant said the acquisition "will accelerate the availability of next-generation video services," delivered to devices including mobile phones and tablets.
The deal includes intellectual property rights and other assets for Intel's OnCue Cloud TV platform. Verizon will also offer to keep the 350-person Intel unit, which will continue to be based in Santa Clara, California.
"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," said Mr Lowell McAdam, chairman and chief executive of Verizon.