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Intel announced on Tuesday that it has entered into an agreement to sell off its Intel Media business to Verizon Communications. Intel Media was primarily responsible for creating cloud TV products and services, and was originally responsible for developing a set top box that never saw the light of day. Verizon will take the assets to bolster its product offerings in its FiOS business, though it also will integrate it into Verizon Wireless in some form.

“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,” Verizon CEO Lowell McAdam said. “This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation. We will have the opportunity to enhance, expand, accelerate and integrate our delivery of video products and services to better serve audiences on a wide array of devices.”

Under the deal, Verizon will acquire Intel Media’s intellectual property rights to the OnCue Cloud TV platform, Intel said, and will also offer jobs to “substantially all” of Intel Media’s 350 employees. The group will remain in, and work out of, an existing office in Santa Clara, California.

Terms of the deal were not disclosed, though it is expected to close this quarter.

Source Intel