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Verizon agrees to buy Intel's media assets

Verizon agrees to buy Intel's media assets

Verizon Communications Inc. has agreed to buy from Intel Corp. the assets of Intel Media, a business division that develops Cloud TV products and services.

The transaction will accelerate the availability of next-generation video services, the companies said in a joint statement on Tuesday.

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 350-person Intel unit, which will continue to be based in Santa Clara, California and be led by its current management team.

http://www.marketwatch.com/story/verizon-agrees-to-buy-intels-media-assets-2014-01-21