EE Times reports Intel has sold its Intel Media division to Verizon Communications. Intel Media focuses on the development of cloud-based TV products and services but Intel is no longer interested in pursuing these markets:
The transaction, expected to close in April, would 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 companies said in a press release.
"Earlier this year, when our new leadership team took over the company, Intel refocused its priorities around the company's broad computing portfolio," an Intel spokeswoman told us. "We believe that this transaction will allow Intel to focus our resources on growth objectives of datacenters, Internet of Things, [and] a range of mobile devices."
Verizon will purchase intellectual property rights and other assets that for Intel's OnCue TV platform. Verizon aims to integrate IP-based TV services with FiOS video to reduce deployment costs. Customers will see "elegant search and discovery, interactivity and cross-screen ease of use -- integrated with the Verizon Wireless 4G LTE network," the release said.