Intel announced Tuesday that it has sold Intel Media, its Internet TV division, to Verizon Communications for an undisclosed amount.
Intel Media launched to much fanfare in early 2013, promising to begin service by the end of the year. However, the service never came to fruition.
Through the deal, Verizon will acquire Intel Media's intellectual property and assets. The New York-based company also plans to offer jobs to most of Intel Media's 350-person workforce, which is based in Santa Clara, Calif., and will continue to operate from there.
The deal is expected to receive regulatory approval in the first quarter of 2014, the companies said.
"Intel provided us with the technological know-how and resources to develop products and services that will fundamentally change the way we experience TV, and now Verizon gives us access to the marketplace and the ability to scale," Erik Huggers, corporate vice president and general manager of Intel Media, said in a statement.
With the sale, Intel will return to focusing on computing while Verizon will use its new division to expand its Internet video offerings.
"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," Lowell McAdam, chairman and chief executive of Verizon, said in a statement.
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