Samsung Electronics Co is the world's biggest TV maker. The company announced acquisition of Boxee Inc, a New York based startup firm, whose set top box can record TV broadcasts and stream online videos.
The terms for the acquisition deal were not disclosed. Boxee is a video streaming application maker for phones and tablets based on Google Inc's Android and Apple Inc's iOS operating systems. According to Samsung, its acquisition of Boxee will enable the company to develop Internet enabled devices.
Households have become a major battleground for technology companies this year. Microsoft and Sony were set to release new video game consoles for faster downloading and streaming of entertainment content. Apple is also nearing a deal with Time Warner Cable to add channels for its TV products. This was according to people who were familiar with the negotiations said this week.
Boxee raised US$26.5 million from venture capitalists including Spark Capital, SoftBank Corp and Union Square Ventures. CEO for Boxee, Avner Ronen and a Samsung representative declined to comment on the terms of the acquisition.
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