As anticipated, Verizon Communications has agreed to purchase the assets of Intel Media, the division of the chipmaker that was developing an ambitious “virtual” subscription video service that would be delivered over-the-top via broadband connections.
Financial terms were not disclosed, but Verizon said it will make employment offers to “substantially all” of the 350-person Intel Media unit, which will continue to be based in Santa Clara and be led by its current management team, which includes Erik Huggers, the corporate vice president and general manager of Intel Media.
Intel Media had reportedly been seeking about $500 million for the assets that were to power a service to be called OnCue, that was originally slated to debut late last year.
Verizon said the acquisition, expected to close early in the first quarter of 2014, 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.”
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.