Verizon Communications is buying Intel Corp.’s set-top box startup, as the telecommunications company seeks to broaden its Internet-TV services, reports the Verge.
While the amount of the sale wasn’t disclosed, Intel had been said to be asking about $500 million, the story notes. Verizon will get a project employing about 350 people, who will continue to be based in Santa Clara, Calif.
Despite Intel’s development of a set-top box, its move into Internet TV was stymied by problems in securing content partnerships, the piece reports.
“It’s hoped that Verizon, which already offers more traditional TV services, will be able to make internet TV work,” the story reports. “Verizon expects to integrate Intel’s internet TV tech with its existing FiOS video services.”