Verizon Communications has agreed to buy from Intel 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.
“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,” Verizon Chairman and Chief Executive Lowell McAdam said.
The transaction is subject to customary regulatory approvals and is expected to close early in the first quarter of 2014, the statement said.
After the deal closes, Verizon expects to integrate the IP-based TV services with FiOS video.
Financial details weren’t disclosed.
This article originally appeared on MarketWatch.com.