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Deal is subject to customary closing terms

Intel has announced that it has finally found a buyer for its Intel Media assets. Intel Media is the arm of the chipmaker that ran the OnCue Cloud TV platform. The terms of the deal are unannounced, but sources previously tipped that Intel was seeking $500 million for the assets.
 
Verizon says that the transaction will help it accelerate the rollout of next-generation video services integrated with Verizon FiOS fiber optic networks. The purchase nets Verizon intellectual property and other assets that go along with the OnCue TV platform.
 
Verizon also announced that it would make employment offers to the 350 workers that staff the Intel Media unit. That unit will continue to be based in Santa Clara and will be led by the current management team.
 
Verizon and Intel note that the deal is subject to regulatory approval.
 
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."

Source: Intel



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