Report: Verizon is nearing deal to buy Intel TV service

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According to several reports, Verizon is preparing to buy out Intel’s OnCue TV service. Verizon will use OnCue to extend their pay TV offering beyond the fiber-optic FiOS service. OnCue is designed to provide pay TV programming through high-speed Internet connections. Intel OnCue uses set-top boxes and apps to stream content to TVs, smartphones, and tablets.

Intel decided to sell the TV business after their management decided to focus on selling chips for mobile devices. Intel was supposedly looking for a $500 million offer for OnCue.

Verizon is currently asking media companies if a streaming product would require new contracts for programming or if existing FiOS TV agreements could be amended to include the additional rights. Intel decided to back out of their TV efforts when new Intel chief executive Brian Krzanich became head of the company in May.

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