Intel Hired Apple, Netflix and Google Employees to Build New TV Service
Intel (NASDAQ: INTC) is building a team of employees to take on the Internet TV business.
The company hired talent from three major firms -- Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX) and Google (NASDAQ: GOOG) -- to create what it hopes will be the best Internet TV service ever produced.
"We have been working for about a year now to set group called Intel Media," Erik Huggers, corporate VP at Intel Media, told AllThingsD at the D: Dive Into Media conference. "It's a new division with new people — people [we've hired] from Apple, Netflix, and Google. And it's devoted to developing an Internet television platform."
Huggers said that Intel will deliver a "new consumer electronics product under a new brand."
"We'll offer consumers a box and they'll buy this directly from us," he added. "It'll be an Intel-powered device with fantastic industrial design. But it's not just a device. We're working with the entire industry to figure out how we get live TV to consumers over the Internet."
"We're shooting for a service that incorporates literally everything. … But Rome wasn't built in a day. It'll take time."
Intel said that the service and accompanying set-top box will arrive this year.
Shares of Intel rose nearly one percent on the news. The stock has plummeted more than four percent over the last month, adding to the firm's 2012 losses.
Last year, Intel lost nearly 16 percent of its value.
Follow me @LouisBedigianBZ
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.