Verizon, Intel, close to deal for Internet TV

Dec. 14, 2013 at 3:11 PM   |   0 comments

NEW YORK, Dec. 14 (UPI) -- Verizon Communications is close to completion of talks to buy Internet TV from U.S. chip maker Intel, sources told the Wall Street Journal.

In a deal that could be valued from $200 million to $500 million, Verizon would add to its recent purchases that enhance its presence in video offerings, the Journal reported.

In November, Intel purchased UpLynk, a service that makes it easier to upload or stream videos. This week, it said it would purchase EdgeCast, a customer-tailored ad-delivery network that could boost the company's ad revenues.

InternetTV is still in a start-up phase of development. About 350 staff members have been working on a variety of television upgrades, including work on set-top boxes and on television-Internet interface programming, the Journal said.

The company's top executive, Erik Huggers, has also said InternetTV is working on live television delivery and content storage.

Intel had been seeking around $500 million for the company, but a report in November said the two companies were discussing a deal for about $350 million.

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