American telecom service provider Verizon will acquire Intel Media, a developer of Cloud TV products, from the chip vendor.

Financial details of the acquisition were not disclosed.

Intel divested this business in order to focus on data center and chip business.

This is the third major acquisition by Verizon for boosting its video offerings. Earlier, the company announced transactions with EdgeCast and upLynk’s technology.

The transaction will boost video services, both integrated with Verizon FiOS fiber-optic networks and delivered over the top to any device, said Verizon in a statement.

As per the deal, Verizon will purchase intellectual property rights and other assets that enable Intel’s OnCue Cloud TV platform.

Verizon will employ substantial employees from its 350 member team, which will continue to be based in Santa Clara and be led by its current management team.

“This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation. We will have the opportunity to enhance, expand, accelerate and integrate our delivery of video products and services to better serve audiences on a wide array of devices,” said Lowell McAdam, chairman and CEO of Verizon.

Verizon is planning to integrate IP-based TV services with FiOS video to differentiate FiOS from traditional cable TV offerings and to reduce ongoing deployment costs. FiOS customers are also expected to benefit from elegant search and discovery, interactivity and cross-screen ease of use – integrated with the Verizon Wireless 4G LTE network.

In December, Verizon announced an agreement to acquire EdgeCast, a provider of content delivery networks.

In the fourth-quarter of 2013, Verizon acquired upLynk’s technology that streamlines the process of uploading and encoding of video for live, linear and video-on-demand content.

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