Verizon Snaps Up Intel's Abandoned OnCue Streaming TV Assets
The rumors were true--Verizon has indeed purchased Intel’s OnCue service, which promised streaming cloud TV over the Internet that would have challenged traditional pay TV paradigms.
OnCue sounded like a pet project, headed by Intel Media VP Erik Huggers, and it was definitely one of those try-it-and-see-how-it-goes sort of endeavors. It ended up not “going”, as it were, and Intel pulled the plug. Huggers, et al initially hoped to bring the OnCue service online by the end of 2013, but instead Intel put the whole unit up for sale.
Indeed, Verizon is buying all of Intel Media, including all 350 employees, intellectual property rights, and other assets. Financial terms were not disclosed, and although the deal has to pass through regulatory screenings, it’s expected to be closed by the end of Q1 2014.
"We're incredibly proud of what we've achieved. 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,” said Huggers in a statement. “It's the next logical step, and we're excited about the road ahead."
OnCue’s assets will help Verizon push forward into next-gen TV and video services. The company has its work cut out for it, as that’s a market that’s hotly competitive and is in the midst of major shakeups. For Intel’s part, it’s not surprising to see the company cut bait on the project. No doubt it would have taken a significant financial commitment to make this cloud TV service happen, and the chipmaker is undergoing some restructuring of its own under new CEO Brian Krzanich.
OnCue sounded like a pet project, headed by Intel Media VP Erik Huggers, and it was definitely one of those try-it-and-see-how-it-goes sort of endeavors. It ended up not “going”, as it were, and Intel pulled the plug. Huggers, et al initially hoped to bring the OnCue service online by the end of 2013, but instead Intel put the whole unit up for sale.
Indeed, Verizon is buying all of Intel Media, including all 350 employees, intellectual property rights, and other assets. Financial terms were not disclosed, and although the deal has to pass through regulatory screenings, it’s expected to be closed by the end of Q1 2014.
"We're incredibly proud of what we've achieved. 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,” said Huggers in a statement. “It's the next logical step, and we're excited about the road ahead."
OnCue’s assets will help Verizon push forward into next-gen TV and video services. The company has its work cut out for it, as that’s a market that’s hotly competitive and is in the midst of major shakeups. For Intel’s part, it’s not surprising to see the company cut bait on the project. No doubt it would have taken a significant financial commitment to make this cloud TV service happen, and the chipmaker is undergoing some restructuring of its own under new CEO Brian Krzanich.
