­Verizon is buying Intel Media, a business division dedicated to the development of Cloud TV products and services; unfortunately the terms as to how it was being purchased have not been disclosed.

The new owners said that the purchase will accelerate its ability to deliver video services, both integrated with Verizon FiOS fiber-optic networks and delivered “over the top” to any device.

Verizon will purchase intellectual property rights and other assets that enable Intel’s OnCue Cloud TV platform. The company will however not kick out the employees of Intel as it will make employment offers to most of the approximately 350-person Intel unit.

“Verizon already has extensive video content relationships, fixed and wireless delivery networks, and customer relationships in both the home and on mobile. This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation,” said Lowell McAdam, chairman and CEO of Verizon.

Once the transaction is closed, Verizon expects to integrate IP-based TV services with FiOS video to reduce ongoing deployment costs. FiOS customers are also expected to benefit from additional services being integrated with the Verizon Wireless LTE network.