US-based mobile operator Verizon is all set to acquire chip maker Intel’s cloud-based TV business. So far, terms of the deal have not been disclosed, but the company has released a statement regarding the latest development.
The statement from Intel says that Verizon will use the assets from Intel Media in order to speed up the availability of next-generation video services. Lowell McAdam, the CEO of Verizon said in a statement, “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”.
The CEO went on to say that the new deal will provide new services to audiences who are looking to view content when, where and how they want it. In 2013, Intel had planned to launch a web-based TV service, but had difficulties with wooing potential content partners.
The deal is expected to reach its conclusion in the first quarter of 2014. The news of the acquisition came after Intel said last week that it will reduce its workforce by 5% and forecast flat revenue for the current financial year. Intel has been struggling lately as an increased number of customers are drawn towards tablets and phones, rather than PCs.
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