Verizon Communications (NYSE:VZ) and Intel (NASDAQ:INTC) announced an agreement for Verizon to purchase from Intel the assets of Intel Media, a business division dedicated to the development of cloud TV products and services. Verizon plans to integrate Intel's IP-based TV services with FiOS video.

The transaction is expected to close early in the first quarter of 2014. Terms were not disclosed.

In December, Verizon bought CDN provider EdgeCast, and in November it bought cloud TV company upLynk. In September, it added TV Everywhere capability to its FiOS TV app.