After Intel very publicly announced some huge and ambitious plans for its internet TV service, it's just announced that it's... selling the project to Verizon.
The telecom company is going to purchase Intel Media, which was set up especially to develop the new TV services. No details, like cash sums, of the transaction have been disclosed. What we do know, though, is that Verizon will gets its hands on some serious amounts of IP relating to Intel's work, as well as the 350 staff that work on the service. The work will continue to run out of Santa Clara, where Intel has its HQ and the deal is is expected to be finalized before April—subject to regulatory approvals.
So why is Intel selling up? Largely, it's been struggling to raise content—a recurring problem in the internet TV wars. Verizon, which already has fingers in TV pies, might be able to make a better go if it, combining Intel's internet tech with its existing FiOS cable TV to "further differentiate FiOS from traditional cable TV offerings and to reduce ongoing deployment costs." Whether it can manage that in reality? Well, that remains to be seen. [Intel via Verge]