Verizon Buys Intel's Cloud Television Division
Published on: 21st Jan 2014
Note -- this news article is more than a year old.
USA based Verizon has announced that it is buying Intel Media, a business division dedicated to the development of Cloud TV products and services.
Terms of the transaction were not disclosed.
The company said that that the purchase will accelerate its ability to deliver 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 most of the approximately 350-person Intel unit, which will continue to be based in Santa Clara and be led by its current management team.
Lowell McAdam, chairman and CEO of Verizon, said: "Verizon already has extensive video content relationships, fixed and wireless delivery networks, and customer relationships in both the home and on mobile. This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation."
Once the transaction is closed, Verizon expects to integrate IP-based TV services with FiOS video to reduce ongoing deployment costs. FiOS customers are also expected to benefit from additional services being integrated with the Verizon Wireless LTE network.
In December, Verizon announced a definitive agreement to acquire EdgeCast, a content delivery network. Also in fourth-quarter 2013, Verizon announced the acquisition of upLynk's exclusive technology that streamlines the process of uploading and encoding of video for live, linear and video-on-demand content.