Intel seeks buyer for its internet TV technology

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Intel is looking for a prospective buyer for its internet TV technology who is willing to part with $500 million and is ready to close the deal by end of this year.

Verizon Communications Inc., Samsung and Liberty Global are among the top potential buyers, Bloomberg reported. The sell-off indicates that the silicon giant will soon be pulling out of the web TV business.

Intel’s project, named OnCue, has been facing challenges getting off the ground. Ultimately, Brian Krzanich, the chipmaker’s new CEO decided the company could not afford the distraction and expense. Instead, Krzanich has listed growing Intel’s presence in the mobile market as one of his top priorities.

As reported earlier Verizon is already in talks with Intel for further expanding its flagship FiOS fiber optic services with the OnCue unit, clearing the way for selling pay-TV services in its yet untapped non-FiOS areas. The acquisition deal will power Verizon to challenge cable TV providers as Intel’s OnCue service will allow it to carry pay-TV programming over any high-speed Internet network.

Intel and Verizon both refused to comment anything about the potential deal.