Verizon Agrees to Buy Intel's Video Business
Verizon Communications, the parent company of Verizon Wireless, today announced that it has agreed to purchase Intel's cloud TV platform, called OnCue. In addition to gaining rights to the technology, Verizon will also offer jobs to about 350 Intel employees based in California. Terms of the deal were not disclosed, and it will require regulatory approval. The sale is expected to close during the first quarter of the year. Verizon believes the purchase will help it prepare next-generation video services faster. "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," said Verizon CEO Lowell McAdam. Though the deal will initially help Verizon's FiOS-based television service, it will eventually also be integrated with Verizon's 4G LTE network.
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