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In early 2013, chip giant Intel ramped up its efforts to create software and hardware that would enable Americans to watch live TV shows on the internet without needing too much bandwidth, reported CNET.

Known as OnCue, the subscription service would have transmitted live TV programs over a broadband connection dubbed as “over the top”, with Intel promising to unveil it during the end of 2013.

Those plans came to an end on Tuesday as the chipmaker decided to sell its TV business to telecommunications giant Verizon even though it had already finalised most of the necessary components, including the user interface, cloud infrastructure backbone and first and second generations of the hardware. In addition, most of the big content firms were already poised to take part in the plan.

The reason for this reversal is that Intel’s new Chief Executive Officer Brian Krzanich wanted the company to prioritise its chip operations. He concluded that selling the TV assets to another firm would be a wise decision.

Although the amount of money involved in the deal is confidential, Verizon stated that it will utilise Intel’s technology to deliver TV programs in 2014 across two mediums: its 4G LTE wireless network and fibre-optic home broadband called Fios.

“Intel Media’s over-the-top TV products are truly innovative and under Verizon’s ownership have the potential to change how people interact with content,” said Krzanich, adding that selling the business to Verizon made perfect sense due to its millions of wireless and Fios network subscribers.