Intel To Sell Intel Media Division to Verizon Communications Inc

21st January 2014
Intel have announced that they will be selling their Intel Media Division whose business is to provide Cloud TV products and services, to Verizon Communications Inc.

OnCue Cloud TV
Verizon will not only be purchasing Intel's OnCue Cloud TV platform but also all Intellectual Property rights associated with the Media Division. As part of the deal they will be making employment offers to all of the 350 people currently employed by the Media Division. They have also expressed a desire to keep both the current management team in place and continue to be based in Santa Clara.

Verizon expects this acquisition will help to accelerate their deployment of next generation video services integrated with its own FiOS fibre optic networks. Once the transaction has has passed through the customary regulatory approvals and closing conditions which is expected before the end of March 2014 Verizon will be integrating IP based TV Services with FiOS which will reduce the deployment costs for new customers.

4G LTE Network
Verizon's FiOS customers will also benefit from additional functions such as elegant search and discovery, interactivity and cross-screen ease of use which will also be integrated with the Verizon Wireless 4G LTE network.

Lowell McAdam, chairman and CEO of Verizon, said: "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 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. 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."

Intel are an American multinational Design and Manufacturing company founded in 1968 and are currently the largest semiconductor chip manufacturer. They are most well known for their ranges of Desktop PC Processors and also Mobile and Server Processors although they also produce Solid State Drives and Motherboards for the retail sector.

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