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Intel Formally Shuts Off Its Web TV Plans, With Sale to Verizon

Intel is now officially out of the Web TV business: The company has formally announced the sale of its Intel Media unit to Verizon.

The two companies didn't announce terms for the deal, which is scheduled to close "early in the first quarter," but said Verizon plans to purchase all of Intel Media's assets and expects to hire "substantially all" of its 350 employees.

Read the full story on Recode.

By Peter Kafka, recode.net.

CNBC's parent NBC Universal is an investor in re/code's parent Revere Digital, and the companies have a content-sharing arrangement.

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