(Telecompaper) Verizon has agreed to buy Intel Media, the chipmaker's business working on online TV products and services. Verizon said it will use the acquired technology to develop next-generation video services, to deliver over its own Fios fibre network and 'over the top' to any connected device. Verizon will purchase the intellectual property rights and other assets that enable Intel's OnCue Cloud TV platform, as well as offer to employ the some 350 people working at the Intel unit. The activities will continue to be based in Santa Clara and be led by the current management team. No financial details of the takeover were disclosed. Pending regulatory approval, the deal is expected to close early in the first quarter. Once the transaction is closed, Verizon expects to integrate IP-based TV services with its Fios video service to further 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 LTE network.