Intel to ditch Web TV project, hand it over to Verizon -- report

he company is in late-stage negotiations with Verizon, according to a new report. The hand-off comes after reports have suggested Intel will roll out the service next year

Intel's long journey toward the creation of a television service might come to an end.
The chipmaker is in late-stage talks with Verizon to hand over control to its Intel Media business, All Things Digital reported on Wednesday, citing people who claim to have knowledge of its plans. Intel Media is the unit that is charged with delivering a Web-based subscription TV service.

According to All Things Digital, its sources are unclear whether Intel would hand over the entire TV operation or if it would hold on to a piece. Verizon already offers a TV service through its FiOS unit, making it a seemingly reasonable partnership, should the companies go in that direction.

Intel announced earlier this year that it plans to launch hardware and software that allows for live TV, on-demand TV, and content streaming. The offering, dubbed OnCue, was supposed to be available this year, but it reportedly has faced hurdles securing content deals. Last month, Intel pushed the product launch to 2014.

Neither Verizon nor Intel have commented on their alleged plans to ink a deal. CNET has, however, contacted Intel for comment on the All Things Digital report and will update this story when we have more information.