Brett Molina

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Verizon has reached a deal with chip maker Intel to acquire its cloud-based TV business.

Terms of the deal were not disclosed, but a statement from Intel says Verizon will use the assets from Intel Media to speed up the availability of next-generation video services.

"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," said Verizon CEO Lowell McAdam in a statement.

McAdam also says the deal will bring new services "to audiences who increasingly expect to view content when, where and how they want it."

Last year, Intel had reportedly planned to launch a Web-based television service, but struggled to woo potential content partners.

The deal is expected to close in the first quarter of this year.

Follow Brett Molina on Twitter: @bam923.