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Intel reportedly looking to sell its internet TV technology for $500 million

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Intel logo stock
Intel logo stock

Consumers have never even used Intel's OnCue internet TV platform, but that's not stopping the company from trying to sell it for top dollar. According to Bloomberg News, Intel is looking to sell the technology behind its online pay-TV service for as much as $500 million. Bloomberg says that during the course of working on the project, Intel created set-top boxes for the platform, as well as mobile applications for smartphones and tablets from which subscribers would be able to stream content. But Intel's TV ambitions have largely failed to get off the ground, and its goal of wrapping up a sale by year's end signals that the company has decided to give up on the dream of competing with cable providers over the internet.

As for potential buyers, Bloomberg again offers Verizon as a potential home for OnCue. The company has already held discussions with TV networks over a web-based subscription platform that could expand its reach far beyond the footprint of FiOS. Verizon has reportedly asked networks whether existing agreements would cover such a streaming service, or if they would instead need to work toward new contracts. Samsung and Liberty Group are mentioned as two other companies that have met with Intel over the technology. CEO Brian Krzanich put Intel's TV ambitions on the back burner after taking over the chief executive role, describing OnCue as a "distraction" that the company couldn't be bothered with. Instead, Krzanich has made growing Intel's presence in the mobile market one of his top priorities.