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(Pocket-lint) - Intel has announced that it's selling off Intel Media - the company behind its failed OnCue pay-TV service - to Verizon. The cost of the deal wasn't disclosed, but Bloomberg reported in November 2013 that Intel wanted $500 million for the service. 

Verizon's purchase of the OnCue service will help accelerate the availability of next-generation video services, both integrated with its FiOS fibre-optic networks and delivered "over the top" to any device, according to the company.

Intel had reportedly developed set-top boxes, servers and mobile streaming apps for the OnCue platform, which Verizon will presumably now use. Intel had reportedly run into roadblocks launching OnCue because of its inability to garner content partnerships. Verizon already offers traditional cable channels through its FiOS network, so it might have an easier time pulling off the Web TV project. 

"Verizon already has extensive video content relationships, fixed and wireless delivery networks, and customer relationships in both the home and on mobile," Lowell McAdam, chairman and CEO of Verizon, said.  "This transaction provides us with the capabilities to build a powerful, capitally efficient engine for future growth and innovation. We will have the opportunity to enhance, expand, accelerate and integrate our delivery of video products and services to better serve audiences on a wide array of devices."

Intel CEO Brian Krzanich called the OnCue project "truly innovative", but it doesn't align with Intel's current mission. Following the sale, he said it would allow Intel to focus on its "product portfolio in segments ranging from the Internet of Things to data centers".

Verizon will have access to Intel Media's vast patent portfolio. Additionally, the 350 people working on the OnCue project will be offered jobs with Verizon to continue working in Santa Clara, California.  

Writing by Jake Smith.