Verizon and Intel have signed an agreement for Verizon to purchase the assets of Intel Media, a business division dedicated to the development of Cloud TV products and services. Once the transaction is closed, Verizon expects to integrate IP-based TV services with FiOS video. Terms of the transaction were not disclosed.

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 approximately 350-person Intel unit, which will continue to be based in Santa Clara and be led by its current management team, says the company.

The transaction is subject to customary regulatory approvals and closing conditions, and is expected to close early in the first quarter of 2014.

[Image courtesy: Verizon]