Intel reportedly seeking US$500 million for TV business

Intel is reportedly seeking roughly US$500 million (€369 million) for its OnCue internet TV business, as it tries to shed the yet-to-launch asset.

According to a Bloomberg report, Intel is aiming to reach a sale by the end of the year, with Verizon, previously reported to be a front runner for the service, now said to be in talks with TV channel owners about streaming service terms.

At the end of last month, Verizon was reportedly close to signing a deal for Intel’s media arm, with All Things D reporting that the pair were in “advanced negotiations.”

Intel’s TV efforts have been two years in the making. The firm hired former Microsoft and BBC executive Erik Huggers in 2011 to take charge of the OnCue project, which was due to be a subscription OTT service delivered via an advanced set-top box.

Though this was originally slated to launch this year, reports from September claimed that Intel would miss this goal and was seeking a partner with an existing internet subscriber base or content rights.

According to reports, Intel CEO Brian Krzanich, who took the Intel top job earlier this year, is looking to shed the TV development in order to focus Intel’s efforts on its core microchip business.