Intel To sell media assets to Verizon; Terms of the transaction were not disclosed
- 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 "over the top" to any device.
- Verizon will purchase intellectual property rights and other assets that enable Intel's OnCue Cloud TV platform. Verizon will also make employment offers to substantially all 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 subject to customary regulatory approvals and closing conditions and is expected to close early in the first quarter of 2014.
- The transaction will accelerate the availability of next-generation video services, both integrated with Verizon FiOS fiber-optic networks and delivered "over the top" to any device.
- Verizon will purchase intellectual property rights and other assets that enable Intel's OnCue Cloud TV platform. Verizon will also make employment offers to substantially all 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 subject to customary regulatory approvals and closing conditions and is expected to close early in the first quarter of 2014.