Cisco has no plans to sell TV set-top business
Cisco Systems yesterday turned down The New York Post report that the company has interest in selling its set-top box business off.
The paper yesterday reported that Cisco had plans to get rid of its set-top box business, exiting the field which it entered in 2006 by acquiring Scientific-Atlanta for around $7 billion.
But denying the report, Cisco's head PR honcho confirmed that the Post was wrong as the company had no such plans. Confirming the company’s stance, he added, "Let me be as clear as I can: we love set top boxes.”
Earlier during the company's earnings webcast, Cisco Chief Executive John Chambers, admitted that the company was riding a changing wave in set-top box business, but stressed that the company was very much committed to this marketplace.
Mr. Chambers also claimed that Service Provider customers were asking the company for a partnership to move from traditional set-top boxes to Internet Protocol set-top boxes to the cloud.
In the meantime, Cisco is advancing its Internet TV Videoscape product, which allows service providers to offer end users a blend of TV and Internet. Such service promises to make life simpler by allowing users use TV to access Facebook while watching a game, or purchasing an advertised product instantly and pay for it via bill.
Shares in Cisco jumped 17 cents, or 0.8 per cent, to $20.46 in the after-hours trading.